The year is coming to an end, and many Parent Teacher Group members are looking forward to a well-deserved break over the holidays. However, before you go, it’s important to go through your files and prepare for what’s left of the school year.
Reviewing Your Parent Teacher Group Budget
At the beginning of the school year, or likely much earlier, your group created a Parent Teacher Group budget. The end of the calendar year is also a great time for a mid-year check-in.
Gather your board members and budget and ask yourselves these questions:
- Are we on a budget? If not, what needs to be added or cut to make up the funds?
- Is there anything left over from this semester? If so, where would we like to allocate it?
- What funds still need to be made for next semester’s events?
Now is also a great time to revisit the budget for next semester and plan where those funds will go.
The new year also signifies that tax season will be coming up soon. As with all your tasks, organization and preparation are key. If you’ve been diligently keeping track of your finances, simply ensure that all your files are compiled for the year and stored safely over the break.
Reviewing the PTA, PTO or Booster Club Events
It’s important to keep track of how successful your events are so that if at any time you need to add or take away activities you can easily determine from which event that will come from.
You can also look to the future by meeting with the committee chairs to determine their plan of action, go over their budgets, and cover any extra needs or issues they may have.
Filing Form 990 and Other Paperwork
The holidays are full of distractions, be careful not to let your paperwork be forgotten. The end of the calendar year may mean paperwork needs some attention, such as your annual corporation renewal and 900-N forms. If your Parent Teacher Group was incorporated this month, your renewal is also due. IRS Form 990, 990-EZ, or 990-N is due every year by the 15th day of the 5th month after the close of your tax year.
If you aren’t sure what your tax year is, look in these places:
- Your Parent Teacher Group’s by-laws.
- Your application for federal tax-exempt status (Forms 1023, 1023-EZ, 1024, or 1024 A) or the determination letter you received approving your tax-exempt status.
- The application, Form SS-4, your Parent Teacher Group filed to obtain its employer identification number (EIN).
- A copy of a prior year return, IRS Form 990, 990-EZ, or 990-N, that you filed with the IRS.
You can learn more about Form 990-N on the IRS website.
Sending Out Mid-Year Surveys
With half of the year gone, members have had a chance to understand how your Parent Teacher Group runs. Mid-year surveys are perfect to get conversations started. Members can be surveyed on programs and events, fundraisers, group communication, volunteer opportunities, and more. It’s important to understand your group’s likes, dislikes, and hear their suggestions. You can use the survey results to help set a path for necessary changes and to plan out next year’s direction.
Protecting Your Parent Teacher Group’s Property
Many schools are closed for 1-2 weeks for the winter break. That’s a long time for your Parent Teacher Group’s property to be left unattended. Property Insurance can cover your personal property such as popcorn machines, school store supplies, and other organization items. Although your property may be locked in a school closet, you can’t be sure it’ll be safe. Consider purchasing AIM’s Property Insurance which covers your items from fire, theft, vandalism, and more!
Review Successes and Accomplishments
The school year isn’t over, but your group has accomplished a lot. During the last meeting of the year, remember to list off your Parent Teacher Group’s successes and accomplishments. Ending the year on a positive note will get everyone motivated about coming back after the New Year! You can take this time to recognize members and volunteers that have stood out and thank them for their hard work.
AIM is here to help your organization succeed. Check out our other blogs for fundraising inspiration, tips, PTA, PTO, or Booster Club guidance, and more!