So you were elected as the new PTO treasurer, now what?
Being a PTO treasurer is quite the honor, but it can be a lot to take in at first. Have no fear, AIM is here with 5 things you’ll need to know as a new PTO treasurer.
Before we begin the list, here’s a freebie. The best way to start this new position is by talking to the treasurer before you. Most likely, the past PTO treasurer can help you understand the policies that are currently in place. You can ask questions such as, “Where is money kept? How can you categorize receipts? What are you supposed to do when someone wants to use funds?” Learning the current policies and procedures from someone who has actually been in that position and gone through them is a great resource to take advantage of.
1. PTO Bylaws and Current Policies
Speaking of policies and procedures, you’ll want to read and understand your PTO policies. Rules are a PTO Treasurer’s best friend. They will help you understand how you and your responsibilities tie in with the rest of the officers and members. Dealing with money is a big responsibility and your group’s bylaws and policies are meant to protect you and your group’s funds. Be sure you are getting the most current policies so you are up to date.
2. Develop your PTO Budget
It’s important that you get your budget ready early on so you’ll have an accurate and complete understanding of your PTO funds and how your Parent Teacher Organization will be able to move forward. Your PTO will look to you in meetings to know whether they can or cannot afford certain amenities for events or if a fundraiser will be necessary. Whatever the need, you’ll be the one that needs to know.
3. Organize your PTO Transactions
Money comes in and money goes out; as the PTO Treasurer you’ll need to be organized as you track these transactions or it could get messy. You could make copies of receipts and create a binder of receipt copies. This is a good idea if you want a hard copy of receipts without the bits of paper crumpling and possibly getting lost. Another good way to organize is by digitizing your records. Invest in a receipt scanner and create a shared folder with your fellow officers. Gone are the days of shoebox filing systems!
4. Monthly Reports with your PTO President
When you’re working with group funds, it is vital that you be as transparent as possible with your fellow officers. First and foremost, your PTO President. Being transparent with your PTO President allows for trust, understanding, and credibility to develop. Sometimes you’ll have to say “no, we can’t afford that yet” and you’ll want them to understand or better yet, plan accordingly.
5. PTO Insurance
As the PTO Treasurer, it is your duty to handle the PTO funds. You know exactly how important each and every dollar is to your group’s success. However, there are some things you can’t expect. You wouldn’t steal the funds, but that doesn’t mean no one else will. Protect your PTO with Embezzlement insurance. With our embezzlement insurance, if someone runs off with your money, AIM will replace the missing funds. If you want to go above and beyond, consider these insurance plans as well.
- Event Insurance will protect you if someone is hurt at one of your events and decides to take legal action against you
- Property Insurance will cover your property from fire, theft, vandalism, and more
- Directors and Officers Liability Insurance will pay to defend you if someone takes legal actions against one of your officers
AIM makes protecting your Parent Teacher Organization easy, affordable and most importantly, worth it.