[MurrayMatters] PTO Financial Guidelines

[Rebecca Cardwell]

PTO Members,

 

In Tuesday night's PTO meeting, proposed "Committee and Cash Handling Guidelines" will be presented for approval.  This is a separate document that is referenced in the pending new Bylaws.

 

Below please find a current working copy of the Guidelines for your initial review.  However, further changes may be made prior to the PTO meeting as the incoming and out going Executive Committees are planning to meet one more time to discuss this document.  Changes will be highlighted in the meeting.  

 

Please plan to attend the PTO meeting at 7:00 p.m. in the Media Center your comments are welcome.

 

Thank you,

 

Rebecca Cardwell

PTO Secretary 

 

 

V.L. Murray Elementary PTO Financial Guidelines

 

Article I  

 

Section 1:  General Guidelines

 

a.       The PTO will strive to raise enough money in that fiscal year to cover projected budgeted expenses for that fiscal year.

b.      The PTO will strive to maintain a "cash cushion" of $5,000 in the checking account at all times.  

c.       Any surplus money raised over budgeted items, or surplus money remaining because actual expenses are less than budgeted expenses (excluding the "cash cushion"), will be used as a "dream fund" in the fiscal year immediately following.  The "dream fund" will be used  for capital purchases such as technology or playground equipment.  Prior year surpluses will not be used to fund newly budgeted items, i.e. annual operating expenses, of the PTO, unless a majority of parents present at the PTO meeting vote otherwise.  Parents unable to attend the meeting may request a "proxy ballot".   The Executive Committee must notify parents of an upcoming vote on the use of the "dream fund" for operating expenses.  Notification should be provided on the agenda that goes out before the next PTO meeting.  

d.      The decision on how the "dream fund" will be spent will be determined by a committee made up equally of teachers and parents.

e.       PTO funds shall be spent for the benefit of the entire school, and not be spent to benefit any particular group.    

 

Section 2:  Committee Chairpersons

a.       Committee Chairpersons must obtain copy and read Financial Guidelines.  

b.      Committee Chairpersons must submit a Purpose and Budget Request Form at the beginning of each Fiscal Year, or when requested, detailing purpose, funds required, and expected timing of expenditures.  

c.       Committee Chairpersons must spend their budget as approved by the PTO during the budgeting process at the beginning of the fiscal year, unless otherwise approved by a simple majority of the PTO membership at a monthly meeting.  Any unused funds go back into the general pool of PTO funds for the benefit of the entire school.  

d.      It is the Committee Chairperson's responsibility to make sure that they have a copy of the following blank forms at the beginning of each fiscal year, as well as a completed sample of each form: Purpose and Budget Request, Cash Box Request, Check Request, Reimbursement Request, Deposit Notice, and a Tips and Techniques Event Report.  Additional copies are available in the PTO mailbox.

e.       In order to allow for a timely audit, all receipts for expenses must be submitted with a Reimbursement Request Form to the Treasurer no later than May 15th of the fiscal year, unless the Treasurer has granted special permission to do otherwise.

f.        All information to go home in backpack mail must receive prior approval from the principal.  Please allow 2 school days for approval process.  Committee chairpersons are responsible for photocopying and stuffing teachers envelopes with the information flyer.   

g.       In order to receive a cash box from the Treasurer, Committee Chairpersons need to submit a Cash Box Request Form to the Treasurer at least 7 days prior to the event.

h.       The Committee Chairperson may submit a Check Request Form and attach a bill, if circumstances permit.  

i.         Whenever possible, Chairpersons should make an effort to collect money prior to an event through early ticket sales and check payment to minimize cash handling.  

j.        Immediately following the completion of the event or fundraiser, it is the Committee Chairperson's responsibility to count all funds, complete a Deposit Notice (attach additional sheets if necessary), notify the Treasurer, and see that all funds are placed in the school safe for deposit by the Treasurer.  All funds must be counted with no less than two persons present, must be placed in a sealed envelope with two signatures on the outside, and remain at the school at all times.   

k.      For large pamphlet type fundraisers (i.e. wrapping paper), it is recommended that Committee Chairpersons have multiple collection/deposit days so that the PTO does not hold checks for longer than 30 days, if possible.  

l.         Within 7 days of the conclusion of the event/fundraiser, the Committee Chairperson should complete and submit a Tips and Techniques Event Report along with any relevant paperwork to the Vice President to be passed on to the Committee Chairperson the following year.  

  

Section 3:  Treasurer's Responsibilities

a.       It is the Treasurer's responsibility to make sure that every Committee Chair has a copy of the following blank forms at the beginning of each fiscal year, as well as a completed sample of each form: Purpose and Budget Request, Cash Box Request, Check Request, Reimbursement Request, Deposit Notice, and an Tips and Techniques Event Report.  Additional copies are available in the PTO mailbox.  Also, the Treasurer is responsible for giving each Committee Chairperson a copy of the Financial Guidelines at the beginning of the new fiscal year.  

b.      Upon completion of the deposit, the Treasurer shall issue a receipt to the Committee Chairperson confirming the deposit and the amount of the deposit.

c.       Treasurer shall follow all guidelines outlined in the bylaws, including but not limited to Article X Fiscal Year/Fiscal Policies and Article V, Section 4, Responsibilities of the Treasurer.  

d.      In January, the Treasurer will communicate with all budget recipients to request an update on anticipated expenditures to determine whether more funds are required or whether there will be an excess of funds that could be reallocated.    

e.       Treasurer shall keep track of donations and issue timely letters of receipt for tax purposes, given the PTO 501 (c)(3) tax status.  

 

Section 4:  Office Staff

            a.  For their own protection, the office staff shall issue a receipt for any funds received in the name of the PTO, with the exception of funds received from Committee Chairs.    All monies shall be deposited in the school safe and the Treasurer notified.  

 

 

 
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