Good money handling procedures increase your PTA's credibility and help prevent costly mistakes. Details can be found in the Money Matters handbook each PTA receives from National PTA at the beginning of each year. Visit the PTA website to request your Back to School Kit, which includes essential resources for every PTA.
Some basic money handling tips to get you started:
All checks MUST require two signatures - this is generally the treasurer and another board member, and should be set up at your PTA's bank. Make sure the board members who can sign checks are not related. Never give out blank checks.
Make sure two people count all cash and keep a record of the count and date, and that a third party (usually treasurer) deposits the money that night - choose a bank that has a night deposit drop for those late carnivals. If cash leaves an event, it should be heading straight to the bank.
PTA money has to stay in PTA bank accounts. To be good stewards of your member's money and to comply with 501c3 rules (and keep your tax-exempt status), you must maintain control of your funds.
Make sure your committees know how reimbursement works. Be clear about budget limits for each event or purchase, and always require a receipt before reimbursing anyone.
Money handling rules aren't about lacking trust in your board or being sticklers for rules. These policies ensure you are being careful with the money your members entrust to you, and that this money is used appropriately. When you have clear money handling policies that last from board to board, your PTA will have a solid foundation and the trust and respect of those involved.