Consider encouraging units to conduct a mid-year Financial Review.
A financial review can assure members that funds were properly
administered. It demonstrates that Board of Directors properly performed
its responsibilities, provides a reliable, verifiable point from which the
incoming Board can begin its financial stewardship, and can reassure
membership that the PTA funds were properly handled. It can also reassure membership that the board of directors fulfilled its duty of being financially responsible.
A review can provide a point of reference for the incoming board of directors. (New treasurer should never take possession of books until
they have been reviewed.) Treasurer should not take the request for a
financial review personally—it is sound business practice.
• Qualified accountant
• Committee of PTA members
– At least 3 members
– No check signers for the period being reviewed
– No family members (recommendation)
– Incoming treasurer
– Treasurer should be available by phone
• Checkbook/canceled checks
• Bank statements/deposit slips
• Income/expense ledgers
• Paid and unpaid invoices/bills
• Legal documents notebook
• Copies of minutes, both Board and general membership
• Copies of monthly/annual financial reports
• Copy of budget for period being reviewed
• Copy of last financial review report
• Count of membership cards received, distributed, voided, undistributed
• Other material/information
requested by financial review committee
• Blank copy of
Financial Review Checklist
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