Becoming your parent-teacher group’s treasurer is a big responsibility. And if you’re new to the role, the office can feel daunting, even overwhelming. While being your PTA, Booster Club, or PTO’s treasurer is a serious office, it doesn’t have to be unnerving experience. That’s why we put together some information on how you can not just be a treasurer, but a GREAT PTA, Booster Club, or PTO treasurer.
What Parent Group Treasurers Must Do After The Election
As a newly elected PTA, Booster Club, or PTO treasurer your first duty is creating a smooth transition between the old treasurer and yourself. Step one is reviewing and familiarizing yourself with your group’s bylaws, specifically the sections about handling your group’s funds and treasurer responsibilities. Keep a notepad handy in case you develop questions or need clarification on the bylaws. As a fresh set of eyes you may find bylaw sections that need revision.
Steward Your Parent-Teacher Group’s Permanent Files
As a PTA, Booster Club, or PTO treasurer you are in charge of some of your parent-teacher group’s most critical paperwork. To ensure a smooth transition after the election, quickly get a handle on the group’s permanent files from the former treasurer. These documents include your group’s EIN, sales tax permits, and any other tax and tax-exempt documents. Ask the outgoing treasurer about what documents will need to be submitted in the incoming year and their experience filing. For PTAs and PTOs you can find more information about proper filing by connecting with your heading organization.
Be a Great PTA, Booster Club, or PTO Treasurer: Make it Official
With all the important paperwork you need to steward for your PTA, Booster Club, or PTO it can be easy to forget about your personal officer responsibilities. To make your treasurer role official make sure you sign and submit your officer paperwork. This includes any school district, PTA, or PTO forms and those for your internal use such as your group’s Confidentiality, Ethics, and Conflict of Interest agreement. Especially as the group officer in charge of your group’s funds, it’s imperative you submit your CECI paperwork as soon as possible.
In addition to paperwork you may need to complete mandatory training, such as officer training provided by your state’s PTA. The sooner you complete your training, the sooner you can start being a great treasurer for your parent-teacher group.
Understanding the Primary Duties of a Parent Group Treasurer
Hopefully as the PTA, Booster Club, or PTO member who won the treasurer election you know what a treasurer does! Still, there are many important, smaller tasks that make up your duty as treasurer and steward of your group’s funds.
Record and Account Fund Transactions
Keeping an accurate record and account of your organization’s monetary transactions is one of the treasurer’s most fundamental duties. It is your job to keep a trail of money as it comes in and goes out of your PTA, Booster Club, or PTO’s coffers. This includes keeping detailed records of payments by your group and its members, but also includes records of incoming money through donations and fundraisers.
Hold the Purse Strings
Another primary duty that is critical to being a great PTA, Booster Club, or PTO treasurer is being the holder of your parent-teacher group’s payment methods. You are responsible for holding and granting access to the group’s credit card, debit card, checkbook, and petty cash. Always be able to answer the question, “where is the group’s credit card?” Consider using a check-in/check-out log and reducing occurrences of one member passing a payment method to another member without your OK.
Embezzlement is AIM’s most common type of claim. Even the greatest PTA, Booster Club, or PTO treasurer cannot account for the actions of others.
In addition to overseeing the physical payment methods it is the treasurer’s responsibility to keep an on-hand record of who has signing/spending authority in your group. This can help you and general members of your parent-teacher group find someone who can make last-minute decoration purchases or pay invoices.
Plan and Revise the Budget
As treasurer you will work with the budget committee to develop the annual budget. The committee will especially be looking to you for your expertise in how last year’s budget performed and why certain line items may need to be adjusted from the prior year. After the budget has been proposed and finalized, as the treasurer, you are further responsible for identifying budget issues and proposing amendments to the budget as necessary throughout the year.
Big decisions are made as part of the budget development process. You and your fellow PTA, Booster Club, or PTO officers can be held liable for the decisions you make about how your group’s funds are spent. AIM offers directors and officers liability coverage to protect you. Learn more about AIM’s D&O liability coverage.
Outside Communication and Filing
The last primary duty for being PTA, Booster Club, or PTO treasurer is managing communication with outside entities when it comes to your group’s funds. You should have access and be the primary contact for your parent-teacher group for relevant financial institutions. Primarily, this includes your group’s bank, credit union, or credit card company. This ensures you are the organization member who receives fraud alerts, overdraft notices, and notices of account changes.
This communication includes filing your organization’s financial paperwork and maintaining its records. You will be the one responsible for filing updated information with your financial institutions, collecting tax information generated by your group’s accounts and submitting all the standard documents and forms to federal and state tax services. If your PTA, Booster Club, or PTO does not already have a relationship with a certified accountant and tax preparer it is worth investigating an amendment to your budget to engage one. Working with a professional is especially useful if your parent-teacher group needs to maintain registered 501(c) nonprofit status.
Your Monthly Duties as Parent Group Treasurer
Being a great PTA, Booster Club, or PTO treasurer is more than fulfilling the big, primary duties of your office. There are a number of smaller, recurrent duties that need to be performed throughout the year to keep your parent-teacher group’s accounts in good order.
Reconcile Outgoing and Incoming Funds
Part of becoming a great PTA, Booster Club, or PTO treasurer is mastering the art of checkbook balancing. It is up to the treasurer to reconcile your parent-teacher group’s deposits and spending with bank statements. This includes reconciling your PTA, Booster Club, or PTO checkbook with receipts and bank statements. The same must also be done for your organization’s credit cards, debit cards, deposit slips, and petty cash. An current and accurate financial ledger is one of the best ways to deter embezzlement of your group’s funds and recognize instances of current or past theft.
Create and Present Financial Reports
A major part of the ongoing work of being a great PTA, Booster Club, or PTO treasurer is developing financial reports for your parent-teacher group. Creating a standard format, or using the same template as the previous treasurer can help you spend more of your time on the data of the report and less time setting it up. Also, your parent-teacher group members will quickly learn how to navigate your financial reports.
Part of being your organization’s treasurer is also presenting your financial reports. Financial reports are often presented at executive board meetings and general member meetings. A duty of being an elected treasure is providing a transparent look at your PTA, Booster Club, or PTO’s monthly finances for all members.
Manage Dues, Taxes, Insurance, Escrow
Another part of your regular treasurer duties is maintaining the funds and records for your parent-teacher group’s organizational costs. As a great PTA, Booster Club, or PTO treasurer it is your responsibility to ensure dues are paid and your group’s membership stays in good standing. This includes managing accounts such as PTA escrows or other affiliation membership fees. You will also need to estimate and earmark funds for your organization’s taxes.
Another thing to consider is quoting your PTA, Booster Club, or PTO’s insurance coverage. First, see if your group is already covered. There are four main types of insurance for parent-teacher groups and you can find more information on each below.
The proper insurance coverage is a worthwhile, economical way to protect your parent-teacher group’s funds and property against loss from fires, theft, legal action, and more.
Now You’re Ready to Be a Great PTA, Booster Club, or PTO Treasurer
Whether you’re a newly-elected treasurer or a parent-teacher group veteran looking to brush up on your treasurer duties, we hope you found this information useful for planning your year in office and making your PTA, Booster Club, or PTO a success. If you have more questions about AIM or insurance coverage for your parent-teacher group, see our FAQs, or Contact Us!
If this is your first time visiting AIM, check out our quote tool. You can get a quote and submit your group’s insurance coverage in just a few minutes.