Reviewing Your Bank Statements
Every 30 days your bank sends you a handy-dandy list of your account activity for the past month—otherwise known as a bank statement. A bank statement is your best friend when it comes to the early detection of unauthorized account activity. It’s important to review your bank statements monthly to ensure your organization’s money is being utilized correctly.
With hundreds of other activities and tasks you have to do, it’s easy to forget to review your statements. However, to help keep your PTA, PTO, or Booster Club’s accounts secure it’s a must. To help you remember here are a few suggestions:
- Write it down! Whether it’s on a sticky note or in your planner, put it wherever you are sure to see it
- Choose a specific day to review your statement every month. Ex: every second Tuesday or always on the 1st of the month
- Make an alarm on your phone or computer to remind you when it’s review time and do it right then and there. Just remember to choose a time when you are most likely free
Keep PTA, PTO, and Booster Club Funds Safe
If someone is abusing their access to the PTA, PTO, or Booster Club account you’ll want to know immediately. Unfortunately, oftentimes Parent Teacher Groups don’t know this is happening until much later and end up paying for transactions that were unauthorized.
By making it a habit to look at your bank statements you are guarding your accounts. For example, if you were reviewing your statements and found a check was cashed on your account that you don’t recall authorizing. You can go back to your account and see a check image; if this check has a false signature you can quickly call the bank and dispute it.
Nonprofit Tax Filing Backup
Filing taxes aren’t something most people look forward to. To keep your tax season going as smoothly as possible, keep your bank statements handy. As a nonprofit, you will likely be able to claim deductions on your taxes. If you do not have the receipts for each tax-deductible purchase, your bank statements can serve as back up records. This can become especially valuable if your Parent Teacher Group happens to be audited.
Budgeting Better with Your Bank Statement
As a nonprofit, money is tight. You rely on keeping a lean budget and finding the best deals. A great way to help plan your budget is to look at your past purchases. Reviewing your bank statement helps you do just that. With the document in front of you, you may be able to see just what can be cut, trimmed down, or what may need more attention. Use your spending history to track your future budget.
Maximize Your Protection
We know you care about your organization and the difference it makes in your community and your kid’s lives. Your funds allow your organization to create change and heighten education, so it’s important how they are spent.
AIM can help keep your PTA, PTO, or Booster Club’s resources safe by protecting your organization with funds insurance. However, with or without insurance it’s highly beneficial to create a habit of reviewing your bank statements. Note this is a requirement of coverage.
AIM is here to help your organization succeed. Check out our other blogs for fundraising inspiration, tips, PTA, PTO, and Booster Club guidance, and more!