Your First 30 Days as a Parent Group Treasurer

Taking on the role of PTO/PTA Treasurer can be both rewarding and challenging. As the financial point person for your parent group, you’re responsible for ensuring that funds are managed effectively and transparently. You’ll also be providing this information to your group so that they may make sound and accurate decisions.

However, your experience in the beginning days as Treasurer largely depends on the state of affairs left by your predecessor. If you’re fortunate enough to be getting started with accurate records, solid organization and a reliable accounting software, consider yourself lucky. Your first 30 days as Treasurer will be significantly smoother.

On the other hand, if you’re faced with a less-than-ideal situation, don’t despair. With careful planning, effective communication and a willingness to learn, you can successfully navigate the challenges and establish a solid foundation for your PTO/PTA’s financial future.

Familiarize Yourself with Your Group

Review the mission of your group so that you are familiar with it. The documentation you receive, as well as the bylaws under which your organization operates, should give you a clear picture of what you need to do in the first month and beyond.

Now is a great time to introduce yourself to each of the members of your board, if you haven’t already. Learn about the goals and accomplishments of the past year. If you were not able to accomplish these things with meetings with the outgoing treasurer, try to gather as much information as you can so that you can have a solid understanding of the state of your financial affairs.

If your PTO/PTA uses an accountant, now would be a good time to make connection to discuss his or her role as it relates to yours, as well as any specific financial concerns.

Get Organized

1. Daily Operations Binder

The Treasurer’s Daily Operations Binder is one that starts with the first month of your PTO or PTA’s financial year to keep you organized. While we have traditionally recommended that this be done with a good quality 3-hole binder with a d-ring. But, we have seen treasurers do this digitally via a tool like Google Drive. You’ll just have to do a lot of scanning and uploading into the corresponding month.

As you go through the month, stash your receipts in the sheet protector and add each completed check request form to the binder with the most recent on top. At the end of the month, add your bank statements, bank reconciliations and treasurer’s report before finishing it with the next month’s divider. Reverse order is the organizational secret to an organized daily operations binder for a treasurer.

2. Critical Documents Binder

While your organization does need to keep physical copies of critical documents, it might make sense to move this binder to the cloud to reduce the amount of things you need to take to meetings. Consider digitizing these files and keeping them in your MoneyMinder account or perhaps a Google Drive:

• Calendar of Events (a list of all the activities that your group has planned for the year)
• Budget (and any amendments that have been voted on during the year)
• Requests for Funds (on the appropriate forms)
• Proof of Insurance
• Bank Correspondence
• The most recent Annual Report
• Charitable Solicitations Report
• The most recent 990/EZ/N
• W9 / 1099 / 1096

3. Treasurer’s Bin

You may also want to create a small bag or bin of items you will frequently use as Treasurer. This might include your checkbook and register, a calculator, some pens, pencils and highlighters, stamps and envelopes and sticky notes.

Ensure the Integrity of Your Group

To ensure your PTO or PTA keeps its tax-exempt status and is protected against financial risks, there are a few key administrative issues you’ll want to take care of in the first 30 days.

• If your financial year start date is July 1st, your next Form 990 is due November 15th. Begin steps to fill that out an e-file it, or use MoneyMinder.
• Verify that your most previous IRS Form 990 filing was complete, accurate and submitted as well.
• Change the authorized signatories on your bank accounts to reflect current leadership and remove those not currently on your board.
• Review your insurance coverage to ensure your PTO or PTA’s insurance policies are up-to-date and provide adequate coverage for potential liabilities. Learn why your parent group needs insurance here.
• Review any legal documents to ensure compliance (fundraising contracts, movie license, charitable solicitations, gaming license – if applicable)
• Ensure your state annual renewal is up to date.
• Update passwords for any online accounts, and update the users in any software programs you use such as MoneyMinder., PayPal, Stripe, Square, Venmo, Zelle, etc.)

Get Down to Business

Check any commitments the outgoing treasurer made that you are expected to keep. Review your budget if one was prepared by the prior board. If one has not already been created, develop a budget and adopt it at your next meeting. Pay any outstanding bills, deposit all cash and checks you receive and record transactions. Learn more about the PTO/PTA Treasurer Duties by Month.