Financial Officer’s Reports

TREASURER ‘S REPORT (Forms 417)

A monthly report must include

• balances at the beginning and end of the period covered;
• amounts credited to the general fund and any special funds;
• receipts and disbursements with a detailed written report;
• The report must be posted and/or distributed. Copies of the report must be provided to the president and secretary and added to the treasurer’s file, which must be placed on file for audit.

Financial Secretary’s Report (Forms 405)
A monthly report must reflect the duties of a financial secretary, as assigned in the bylaws, and should include

• Itemized listing of receipts
• Itemized listing of deposits
• Itemized listing of Authorizations for Payment

FINANCIAL REVIEWER’S REPORT

A written Financial Reviewer’s Report must be presented annually to the association after the books and financial records of the association have been reviewed at the end of the fiscal year. If all is in order, the financial review committee should prepare a report, and the financial reviewer and each member of the committee should sign it.

A report must also be submitted by the financial review committee in the event that there are not adequate records available to conduct a proper accounting of the association funds. The financial review report must be officially adopted by the association (Financial Review Report 5.4.5, 229).

WORKERS’ COMPENSATION ANNUAL PAYROLL REPORT

All PTAs must pay the base Workers’ Compensation premium, which is part of the California State PTA Insurance Program, whether or not they hire employees.

Each PTA must file a Workers’ Compensation Annual Payroll Report no later than January 31 of each year. This report will cover the period of January 5 through January 4 of the preceding year. If no one was hired, complete all the information requested and check the box marked, “No one paid,” sign and submit through the Workers’ Compensation online portal.

Any payee paid directly by PTA must be listed by name of individual worker, type of work performed, dates worked, amount paid, and whether this person has his/her own Workers’ Compensation insurance on the Workers’ Compensation Annual Payroll Report in the Workers’ Compensation online portal. If the PTA does not pay the worker directly but donates the money to the school, do not list the worker.

If total payments (gross) for ALL payees are more than $1,000, a PTA will incur an additional premium.

For example: $2,500 total (gross) payments, less $1,000 = $1,500 x 5% = $75 premium for this PTA. $200 (Base Premium) + $75 (5% surcharge) = $275 (Total Premium).

PTAs can avoid paying this additional premium by not hiring or making payments to payees who do not have independent Workers’ Compensation insurance. If the PTA membership votes to support a program that requires payments to individuals in any capacity, ask your school district to employ and pay that person, and gift the funds to the school district for the expense. This not only reduces the cost to support programs, it offers an additional layer of protection against potential liability and removes the PTA’s responsibility for filing government-required employee reporting forms and payroll withholding. If the school district pays the individual with monies gifted from a PTA, the PTA does NOT have to report this activity on the Workers’ Compensation Annual Payroll Report.

For more information on Workers’ Compensation Insurance, please review the Insurance Guide.

ANNUAL FINANCIAL REPORT (Forms 379)

The Annual Financial Report reports gross receipts and disbursements for the fiscal year. The report is distributed to the executive board, to the membership, and may be required by federal and state tax agencies. The council and district PTA also may require reports.

UNIT REMITTANCE FORM (FORMS 419)
The Unit Remittance Form accompanies the per capita dues, insurance premiums and freewill offerings submitted through channels to the California State PTA office.

Financial Officers Leaving Office
Financial records should be put in order for the financial review process shortly before the end of the term of office. The financial review should be completed as quickly as possible. The outgoing treasurer cannot pay bills after the books are closed for financial review or after the term of office ends. Upon assuming office, the incoming treasurer may deposit funds in the PTA bank account and pay authorized requests for reimbursement bills as needed.