Contact

Genevieve Alcinay - VP of Finance

Alex Jiménez - Treasurer

email: treasury@woodglenpta.com

Best Practices

Overview

The PTA Treasurer is responsible for managing the finances of the Woodglen School PTA, a not-for-profit 501(c) organization with a fiscal year running from July 1st to June 30th. This includes collecting money for events, maintaining financial records, filing taxes, and ensuring compliance with PTA requirements.

General Information

• Woodglen School PTA

• Fiscal Year: July 1st – June 30th (Cash Basis)

• Not for profit 501(c)

• Tax ID #: 13-3540931

• Tax Exempt ID #: 146202

• Tax Return 990-EZ (and audit report) due date: November 15th

• Current Bank: Chase

Main Responsibilities

1. Collecting money for PTA sponsored events, such as Welcome Back Woodglen, Spooktacular, Winter Jam, Talent Show, and Spring Fling. If unavailable, find a replacement.

2. Coordinating tips for facilities and delivery personnel.

3. Managing funds for meals and entertainment at events (e.g., pizza, DJ).

4. Making deposits at Chase Bank, ensuring each deposit is labeled with the event name and is kept with the tally sheet.

5. Maintaining QuickBooks Online, providing monthly bank reconciliations for a non-authorized signatory to initial.

6. Sending out profit/loss statements for each event within 2 weeks of the event.

7. Issuing 1099s to vendors with payments exceeding $600 by January 31st. Expense reimbursements are excluded.

8. Ensuring timely filing of taxes and audit reports.

9. Maintaining binders with all necessary supporting documents, including bank statements, reconciliation reports, checks, check requests, deposit slips, tally sheets, etc.

10. Remitting membership dues to the state through Memberhub on a regular basis (quarterly, semi-annually, or annually).

Tax Return

The tax return is filed through file990.org, which is free for the PTA. Follow the link in the email from the NY PTA and input the numbers from QuickBooks. Use the previous year's tax return as a guide.

Bookkeeping Best Practices

1. Save all invoices in QuickBooks Online Advanced.

2. Save bank statements and bank reconciliations in QuickBooks Online.

3. Ensure every transaction has an attachment or a detailed explanation.

Membership Dues

Regularly remit membership dues to the state by logging into Memberhub and following the link under membership to remit state dues.

Misc Notes

The PTA can pay for board members' meals during official business meetings, but not for any alcohol consumed after the meeting has ended.