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NOTE:
- All local PTAs in Howard County are considered federally tax-exempt
501(c)(3) under the IRS code Maryland PTA issues all charters
to local PTAs, it thus holds the “blanket tax-exempt form” (authority)
for all local PTAs
- Contributions
to the PTA are tax deductible
- PTAs must be charged sales tax when purchasing items
- PTAs must charge sales tax when reselling item
July - August
- The PTA Audit is required of every PTA and must be done during the summer.
- Update
bank signature cards with new officers and date of election
(minutes and signature of outgoing officers needed for bank officials)
and file with the bank.
- Corporate resolution cards may also be due in order to complete the changing of signers.
- The address on the bank account must be the school's address. Bank
statements must be mailed to the school's address. The
President or designee besides the treasurer should review the monthly bank statement.
- Set up ledger or computer program and receipt and disbursement
forms for current year.
- Membership
cards are sent automatically from MD PTA. Order Membership
Envelopes directly from MDPTA. Another suggestion, have pre-addressed
envelopes attached to the membership form for ease of parents mailing
them directly to the school.
- Budget -
The treasurer serves on the budget committee to prepare the new budget
in conjunction with written goals established by the executive board
for the fiscal year beginning July 1 – June 30.
- Review
when renewal of Charitable Organization registration with the state
of Maryland is due. For more information:
www.sos.state.md.us/sos/charity/html.instru.html
August
- Budget committee should be finalizing the
budget to present to the exec board.
- Present the previous year’s Audit Financial Review and Fiscal Year
Report to the executive board
- Membership Drive begins.
September
- Present the previous year’s Financial Review (audit) and Fiscal Year
Report to the general membership for approval.
- Present new Budget for approval by the general membership.
- Send a copy of the PTAs audit report to the PTA Council office via email ptachc@gmail.com, fax (410-740-1207) or the interschool pony.
- Begin preparing IRS Form 990 if gross receipts are $25,000 or more
last fiscal year.
- Bonding insurance premium notice will be sent via email to Presidents and
Treasurer’s.
October
- Send Maryland and National Membership Dues ($3.25 per member) directly to
Maryland PTA 5 Central Ave. Glen Burnie, MD 21061. Pay
invoice for only those membership’s sold.
- Prepare IRS Form 990 or 990 EZ (due Nov 15)
November
- PTA Council dues($190) are due to PTACHC
Office by November 1st
- Contributions to the PTACHC Scholarship Fund (if provided for in budget)
- IRS Form 990 is due by November 15th
- Send membership dues received since October to MD PTA
December
- Look for Sales and Use Tax forms, if applicable
- Send membership dues received since November to MD PTA
January
- Retail Sales and Use Taxes due to the State for July-December.
- IRS Form 1099 (misc. Income) is due by January 31stdistributed
to any person earning $600 or more through PTA sponsored programs
for preceding calendar year.
February
- IRS Form 1096 is due by February 28th,
(Annual Summary and Transmittal Form for those PTAs that must
fill out IRS Form 1099(s)
March
- Final membership report is due to Maryland PTA by March 15.
- Return all unused membership cards with the final membership report to MD PTA.
April
May
- Begin procedure to select Financial Review/audit committee to be appointed
by the executive Board
- Announce or send reminder notices to anyone with allocated funds still to
spend, e.g., committee chairs needing reimbursement, or teachers
with Student Enrichment Fund money still to spend, etc.
- Collect Budget Projection Forms from officers and committee chairs. These
will be useful to help guide the budget committee in preparing the
budget for the next fiscal year
- A copy should be provided to any newly appointed committee chairs to
assure they agree with the projected amounts for the next year.
June
- Present a motion at the last executive board meeting authorizing expenditures
to be paid over the summer - until such time as the budget is approved
by the general membership in the fall
- Pay all outstanding bills by June 30th
- Look for Sales Tax Form, if applicable
- Close financial books June 30 and give to who will be reviewing/auditing
your books. This is required of all PTAs to be completed over the
summer in time for your first general meeting.
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