1. REIMBURSEMENTS FOR EXPENSES: 2. REQUESTING CHECKS:

Transcription

1 Mnetary Plicies and Prcedures PTO funds are intended t benefit the students thrugh the enhancement f schl prgrams and activities. The PTO Officers are the guardians f these funds and have an bligatin t see that they are prtected and used wisely. It is very imprtant that everyne fllw these plicies. 1. REIMBURSEMENTS FOR EXPENSES: The PTO prefers t pay bills directly, rather than requiring individual vlunteers t pay expenses and then get reimbursed. Hwever, there will be circumstances where reimbursements are necessary. All reimbursements require a receipt. There can be n reimbursement f csts withut the actual receipt r invice. Please d nt eat expenses. We d ur budgeting and plan ur fundraisers based n prir year s experience; if vlunteers d nt submit expenses, we underreprt ur expenses and cause budgeting prblems fr future years. If smene wishes t dnate items they have purchased, please cntact the Treasurer t ensure that the dnatin is crrectly accunted fr. The chair f an event/activity is respnsible fr cllecting and submitting all receipts and cmpleted reimbursement frms t the PTO Treasurer within 1 week f the event. Please d nt accumulate receipts and wait t submit them; submit all receipts as sn as pssible. Vlunteers must turn in cmpleted Check Request frms and the receipts t their respective cmmittee chairpersn. The fficer respnsible fr the budget line item invlved must sign the frm befre funds will be disbursed; please cntact the respnsible fficer t let them knw yu have a request frm t be signed. Blank Check Request frms are available in the frm flders in the PTO bx in the main ffice. If payment is needed prir t an event, please cntact the treasurer as early as pssible t schedule the payment. Please have the Check Request frm cmplete with apprval signature f the apprpriate fficer t exchange fr the check. The check will nt be disbursed withut the fficer s apprval, and ur insurance plicy requires that all checks have tw signatures, s it takes sme time t get a check prcessed. Please plan fr these situatins!! 2. REQUESTING CHECKS: Cmpleted Check Request frms can be left in the Treasurer s flder in the PTO ffice r can be mailed directly t the treasurer. Blank signed checks will nt be issued fr any reasn. Generally, allw tw weeks fr prcessing f a reimbursement. If the request is mre time critical, cntact the Treasurer by . PTO bks clse June 30, when all budgeted accunts revert t the general purpses f the PTO. All requests fr reimbursements must be in the hands f the Treasurer by June 1st t allw adequate time fr prcessing. The nly exceptins are end-f-year parties and ther June events, which are due by the last day f schl. N reimbursements will be made after June 30th.

2 3. COLLECTION OF FUNDS: All cmmittees invlved in fund-raising r events handling mney shuld designate vlunteers t manage the mnies and must fllw these prcedures. Nte that fr mst events r fundraisers where mney is sent in advance r thrugh the classrms, cash payments shuld be discuraged as we have n way t safeguard cash mving thrugh the schl r in the ffice. Fr Events with Cash: Befre the Event: Cash Bx infrmatin must be given t the Treasurer at least ne week befre an event. The PTO has tw cash bxes available fr use with $20 cash each in them. Please make additinal arrangements needed if this is nt sufficient. Be sure t have calculatrs and pens/pencils at each event fr calculating ttals. There will be ne PTO calculatr available in ne f the cash bxes. At Event: The Treasurer will give yu the cash bxes requested. Never leave the mney alne. Always have tw adults with the mney always. At End f Event, The Mney Must Be Prcessed as Fllws: All funds received in cash must be cunted by tw peple, preferably with ne f the tw being a PTO Cmmittee Chair r Officer. Please separate currency by denminatin (with a paperclip), and fill in amunts n the Depsit Vucher frm. Please lg number f checks and ttal value n the Depsit Vucher frm. If a tape calculatr is available, please prvide a tape f all checks with their ttal. The Depsit Vucher frm signed by cunters, and the mney, must be given t the Treasurer within 24 hurs. Cntact the Treasurer t decide t transfer funds; d nt just put them in the Treasurer s mailbx at schl. When the Treasurer receives the bank receipt fr the depsit and verifies that the depsit is in the [PTA/PTO] accunt, the receipt will be frwarded t the persn wh riginally wrte up the depsit as a receipt. Blank cpies f the Depsit Vucher and Check Request frms are in the in the PTO mailbx in the main ffice. Fr Events/Activities with Checks Only: If available, please have printing calculatr t ttal checks and print a tape. Fr fundraisers r classes, a spreadsheet shwing a class rster r details f the fundraiser shuld be submitted as backup fr the depsit. The Treasurer s files must include sufficient infrmatin t supprt the revenue fr the yearend audit. Depsits must be given t the Treasurer within ne week f receiving checks. The exceptin t this is fr classes r events that require a minimum number f persns. Please wait until the minimum number has been received and we knw that the event/class will be held. It is imprtant t get checks t the Treasurer quickly s that if any checks bunce, we have enugh time t recver funds befre distributin f merchandise r befre a class r event has been held.

3 4. CHECK ACCEPTANCE POLICY: All checks shuld be made payable t: CAUGHMAN ROAD ELEMENTARY PTO] The PTO utilizes a check re-depsit service t help cllect n bad checks. This service is prvided at n fee t the PTO. Hwever, it is critical that advance ntice f this service is prvided t thse wh write checks t the PTO. The fllwing wrding must appear n any fundraising dcuments where checks may be accepted, r n class registratin frms, etc. Yur persnal checks are welcme with valid identificatin. If yur check is returned, NSF, it may be re-presented electrnically, and yu will be assessed a prcessing fee f $20-$30 r the maximum amunt allwed by law. The check writer is als respnsible fr all ther check recvery csts, including all attrney's fees, curt csts and taxes. 5. DEBIT CARD USAGE: Certain fficers r cmmittee chairs may be prvided with a debit card fr PTO purchases. This card is t be used exclusively fr PTO purchases. Receipts fr debit card purchases must be submitted t the Treasurer within 1 week, with a cmpleted Debit Card Recrd frm. Failure t submit receipts in a timely manner can result in the revcatin f debit card privileges by the Treasurer. 6. BUDGETARY PROBLEMS: If yu have budgetary prblems, let the Treasurer knw as sn as pssible. If a revisin r ver-run is warranted, it needs t be apprved by the Bard r the general membership (depending n the amunt). Such changes shuld be apprved prir t any mney being spent. 7. CONTRACTS: The PTO shuld nly enter int written (nt verbal) cntracts. Cntracts are valid nly when signed by the President r ne f the tw Vice Presidents. Any ther persn signing a cntract can be held persnally liable fr the full amunt. Fr significant purchases, at least three price qutes/bids shuld be btained t help ensure that the PTO is receiving the best value. Any ptential cntracts with persns r cmpanies related t a PTO fficer r cmmittee chair must receive special review t ensure that n cnflict f interest exists. After exercising due diligence, the [TO fficers shall determine whether the PTO culd btain a mre advantageus transactin r arrangement with reasnable effrts frm a persn r entity that wuld nt give rise t a cnflict f interest. Independent cntractrs earning abve $600 must supply a street address and scial security number fr IRS purpses; use Frm W-9, available at

4 8. TAX EXEMPTION: The PTO has its wn tax ID # fr sales tax exemptin purpses. Cpies f the sales tax exemptin certificate are kept in the PTO mailbx in the main ffice. In rder t take advantage f the exemptin, purchases must be made directly with PTO funds; i.e. either a PTO check r debit card. Yu cannt purchase items with persnal funds r cash and receive the sales tax exemptin. Certain stres (such as Wal-Mart, Staples) require that we apply fr sales tax exemptin with their stre and receive a special exemptin card t be used at that stre. Cnsult with the Treasurer fr a list f stres with these special requirements. A cpy f ur Federal tax exemptin paperwrk is kept in the PTO mailbx in the main ffice. If additinal cpies are needed r if a specialized letter is needed, please cntact the Treasurer. Exemptin frm Virginia sales taxes is separate frm Federal tax exemptin; there are tw different dcuments prving ur tax-exempt status. 9. SOLICITING AND RECEIVING DONATIONS: Certain cmmittees may have a need t slicit dnatins in the cmmunity, in the frm f cash r in-kind cntributins. As a Federally tax-exempt 501(c)(3) rganizatin, the PTO has certain respnsibilities t dnrs. Dnatin requests shuld be submitted t ptential dnrs n letterhead. Prir t requesting a dnatin, check with the 1st Vice President (r whatever fficer yur parent grup designates). The 1st Vice President is respnsible fr maintaining a list f dnatins received, and care must be taken t nt request dnatins frm the same cmpany n a repeated/excessive basis during the schl year. Any dnr wh requests dcumentatin f the PTO s tax-exempt status shuld be prvided with ur IRS tax exempt determinatin letter Reprt any dnatins received t the 1st Vice President in a prmpt manner. Cmmittees wh slicit dnatins are als respnsible fr prducing thank yu ntes t dnrs. Depending n the type f dnatin, certain wrding t satisfy IRS requirements may be necessary; check with the Treasurer. All thank yu ntes shuld be signed by the PTO President (in additin t r instead f the cmmittee chair wh slicited the dnatin). Cpies f thank yu ntes can be submitted t the Treasurer t satisfy the reprting requirement nted abve.

5 CHECK REQUEST FORM Pay t the rder f: Amunt f check: Send t: Date needed: Budget line(s): Reasn fr expenditure: Signature f apprving fficer: ATTACH RECEIPTS!!! Checks will nt be written withut receipt. Nte any special payment instructins r additinal explanatin belw: ********************************************************************* Fr Treasurer s use nly: Date paid: Check number:

6 DEBIT CARD RECORD Submit within ne week f using debit card. Name f vendr: Amunt charged: Date: Budget line(s): Reasn fr expenditure: Signature f apprving fficer: ATTACH RECEIPTS!!! Debit card privileges may be revked by the PTO Treasurer if receipts are nt submitted in a timely manner. Nte any special/ additinal explanatin belw: ********************************************************************* Fr Treasurer s use nly: Date paid:

7 DEPOSIT VOUCHER FUNDRAISER/ACTIVITY: DATE: PERSONS COUNTING MONEY: (at least TWO PEOPLE are required t cunt when cash is included) Please cmplete the fllwing infrmatin, using TOTAL AMOUNTS IN ALL AREAS. x $50.00 = $ x $20.00 = $ x $10.00 = $ x $5.00 = $ x $2.00 = $ x $1.00 = $ Ttal All Cins* = $ Ttal All Checks (# f checks ) = $ TOTAL $ ** TOTAL ALL COINS Treasurer's Verificatin $ ** Dllars x 1.00 = $ Halves x 0.50 = $ Treasurer's Signature SHORT / BALANCED / OVER (circle ne) Amunt (if shrt/ver): $ Quarters x 0.25 = $ Dimes x 0.10 = $ Nickels x 0.05 = $ Pennies x 0.01 = $ Date Verified: Date Depsited: *TOTAL ALL COINS $ Ntes/Remarks