The financial review involves an examination of the financial transactions of the PTA, and the procedures used to conduct those transactions.
The treasurer is the custodian of the funds of the PTA and is charged with the responsibility to deposit and disburse funds and to keep accurate records.
However, the board of directors has the responsibility to see that the funds of the PTA are administered properly and actions are made in the best interests of the members. To assure that this has been done, that the board acted responsibly, and that good financial practices have been followed, a financial review of the books and records must be conducted.
A financial review must be conducted:
• Immediately following the end of the fiscal year (June 30th) in compliance with WSPTA Uniform Bylaws.
• When a new PTA member assumes the treasurer position;
• Whenever there is a question about the financial wellbeing or performance of the PTA.
Who can perform the Financial Review?
The WSPTA Uniform Bylaws are very specific in defining who can conduct a financial review of the PTA’s books and records. Page 10 Article 5 Section 7 Duties of Officers “treasurer” (e) (2)
…………close the books on June 30 and submit the books and records for financial review to a financial review committee of no fewer than three (3) members appointed by the president or to a qualified accountant. The financial review committee shall not include the people who were authorized to sign or individuals living within the same household as those authorized to sign on the bank account for the period being reviewed;
For questions, your can refer to the WSPTA Leadership Handbook- Money Matters section page 14 and 15. The Financial Review check list can be found on pages 34-37. Or contact your Region Director.