What is a Treasurer?
The treasurer is the authorized custodian, elected by the members, to have charge of the funds of the PTA organization. The treasurer receives and disburses all monies as prescribed in the local bylaws. The treasurer sees that all authorized bills are promptly paid and gives a financial accounting at regular intervals.
It is imperative that the treasurer maintains accurate records. Without good records, individuals involved with collecting and handling the PTA's funds will not be protected when any questions arise. Standard accepted financial procedures must be used when keeping records so that proper audits can be conducted. All treasurers should be bonded.
Upon taking office, the treasurer should do the following:
Be sure that the books have been audited before accepting them.
Check the files and records received from the retiring treasurer. Ask about missing records at once.
Become familiar with the duties outlined in the bylaws.
Secure the signatures of new officers authorized to sign checks, and file the signature cards with the bank.
Check on the bonding and liability procedures.
Study PTA Money Matters and note pertinent references in the National PTA Handbook.
Top 10 Ways to Protect YOUR PTA against Embezzlement
(from Association Insurance Management)
1. Money should never be kept at a treasurer’s home.
2. Two people should always count the money, and both should sign the receipt verifying the amount.
3. Two signatures should be required on all checks.
4. Have someone who does not have check signing authority review the bank statement monthly before giving it to the treasurer. This person is looking for red flags including: checks showing up in non sequential order, checks made out to cash, cash withdrawals, checks written out to non- approved venders, checks written for non- approved expenses, checks written out to individuals.
5. Never sign a blank check or a check made out to “cash”.
6. The Treasurer should arrange to deposit the money in the bank as soon after the conclusion of the project as possible.
7. Money should be deposited into the PTA’s bank account daily, even if a project is ongoing.
8. All bills must be paid by check, never cash.
9. Conduct an annual audit of the books.
10. Make sure that you have a Bond Policy and make sure to follow the requirements to guarantee coverage.