How to Wrap Up Your Year as Treasurer

on Jun 6, 2018 in Treasurer How-To's | 0 comments


And…that’s a wrap! Or is it? As the school year draws to a close there are a few items that a volunteer treasurer needs to check off of their list. The chalkboard may be wiped clean and the lockers swept out but you still have a (volunteer) job to do.

Fiscal Year End

Many school groups, PTAs, PTOs and Booster Clubs end their fiscal year on June 30th with a new fiscal year beginning July 1st. This can be a busy time for treasurers as they are tying up loose financial ends and preparing for the next fiscal year. Some of these steps may seem small and inconsequential but trust us, they will help you next year.

  • Schedule the annual audit. The news is full of individuals that embezzle from school groups, so don’t let that happened to yours. Make sure to be available to answer any questions your auditor might have. Which means, don’t plan any remote vacations right when the school year ends.
  • Enter all transactions and check to ensure that your bank reconciliations are up-to-date for the entire year
  • Review your Daily Operations binder to make sure it is up-to-date and well organized
  • Schedule a time to fill out the 990/990EZ or 990N if required. You are the most appropriate person to fill out this form.

Prep for Next Year

There are a few things you can do now that will really help you when the next school year starts. As a volunteer treasurer it really pays to plan ahead and look to the future.

  • Stock all banking supplies like checks, deposit slips and endorsement stamps
  • Make a list of any items that you or the next treasurer needs to address that might be out of the norm like NSF checks
  • Change authorized banking signatures if needed
  • Put together a list of important occasions/deadlines like insurance renewal, MoneyMinder renewal, 990 Form deadline, etc. If you are the next year’s treasurer, put these dates on your calendar
  • Review the next year’s budget with the incoming treasurer, if there is an incoming treasurer
  • Train the incoming treasurer

Get Help

We like to make things easier for volunteer treasurers and recommend using a nonprofit accounting software. MoneyMinder is intuitive, designed for volunteers and makes accounting a little bit fun.

Wrap up your year as volunteer treasurer with these helpful tips and you are now ready to set sail to that deserted island. Rest assured, your group will be on the road to financial success!


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