Northshore Council PTSA 6.10
  • Home
  • Council Blog
  • About Us
    • Officers & Contacts
    • Standing Rules & Policies
    • Mission Statement
    • Goals & Objectives
    • Northshore PTAs/PTSAs
    • Contact Us
    • Guest Seat Policy
  • Calendar
    • Council Meetings
    • Training Opportunities
    • Family Education Opportunities
  • Advocacy
  • Membership
  • Council Programs
    • Council Awards >
      • Award Recipients
    • Educational Speakers and Community Events Grants >
      • Grant Recipients
    • Emergency Preparedness >
      • EP FAMILY
      • EP Chair Info
    • Presidents & Principals Event
    • Reflections >
      • 2022-2023 Reflections Art Showcase
      • 2021-2022 Reflections Art Showcase
    • Spring Recognition Event
    • Volunteering >
      • Thank You
  • Community Resources
    • Family Education
    • Mental Health Awareness
    • Special Education
  • Council eNews
  • Forms, Documents, & Procedures
  • Northshore School District
  • Region, State, & National PTA Info
    • Region 6
    • WSPTA
    • National PTA

Your Guide to Yearly and Mid-Year Financial Reviews for PTAs/PTSAs

11/17/2023

 
Picture
​A yearly financial review completed in July is necessary to ensure that your PTA board of directors has engaged in responsible fiscal oversight and that good financial practices have been followed. It is a formal examination of the financial books and records of your PTA and serves to certify that receipts and expenditures, as authorized in the minutes, conform with bylaws, standing rules, and budget limitations. An annual financial review is also a PTA/PTSA insurance requirement.
Additionally, completing a mid-year review in January can make the year-end review easier to process and allows your PTA to catch any problems early on so that they are addressed as soon as possible.
​
As a treasurer, you want to make sure your review committee can easily access all documents. As the review committee, you want to stay organized and have a good system for including all committee members in the process.
​
Did you know that financial reviews can be done in-person or virtually over a video call? Offering a digital option allows for more flexibility in how volunteers meet and can even make it more accessible with tools such as closed captioning during video calls.  Below, you will find pointers for both treasurers and financial review committees on how to organize, prepare, and complete an online financial review. Following the guidance below will help treasurers feel confident when handing over the books for review and help empower the financial committee members to fulfill their duties.

Who Can Serve on the Financial Review Committee:
The financial review committee shall consist of no fewer than three members appointed by the president.

The financial review committee shall not include officers with signatory authority or individuals living within the same household as those authorized to sign on the bank account for the period being reviewed.
Further information about financial reviews may be found in the Managing Your Nonprofit PTA Handbook (located under Board Resources/Finance. These leadership guides are password protected. Ask Council for the password!)

TREASURERS
You want to make sure you are continuing to maintain your physical binder while also putting together a digital binder. The entire review committee will need access to the digital binder, but it’s recommended that at least one member of the review committee be given access to the physical binder as well. Note: Before you hand over your binder, remove anything you store in it that shouldn’t be shared, such as passwords. Also, if it is at all possible, give at least one person on your review team viewing access to your financial software.

Steps to creating a simple and easy-to-use online binder:
  1. Choose your online program
    ​
    Uploading files should be simple, and you should be able to share them easily and securely with the financial review committee. Examples of online programs include, but are not limited to, Google Drive, DropBox, and One Drive. 

  2. Create a folder specifically for your financial review
    You may already be keeping digital files, but keep in mind that the best way to keep files for you to find may not be the best way for your review committee to locate those files.

  3. Set up folders for each section
    You can find the Financial Review Checklist on the WA State PTA website (under Board Resources/Finance). Note: Section 4 will not need a folder as that is for the review committee’s comments and signatures.

  4. Fill each section’s folder with digital copies of these documents
    Each section has a list of documents needed to answer questions in that section. To make it easier for your committee to locate documents, if an item is needed for more than one section, put a copy of that document in both sections. To help organize each section folder, create folders within the folder to group items together. For instance, create a folder for each month where you can put your expenses and deposits for that month.

  5. Clearly label all digital documents
    Keep in mind what the review committee will be looking for when you are naming the digital documents. Example: in Section 2, it asks for minutes where specific things were done (budget approval, elections, etc…). Consider labeling those minutes with that title (Budget Approval Minutes). When labeling expenses, consider using the check number (7623 Reimburse Chambers), as this puts your expenses in numerical order.
    ​
  6. Go through the review questions
    Once you have all your documents uploaded to your financial review folder, walk through answering each question and make sure you have all the needed documents. 
Picture
FINANCIAL REVIEW COMMITTEE MEMBERS
If you’ve volunteered to be a part of your PTA’s Financial Review Committee and are not sure where to begin, check out these 3 steps:
​
  1. Set Yourself up for Success
    Each committee member should have a copy of the WSPTA Financial Review Checklist (under Board Resources/Finance) to follow along. One person should be in charge of notetaking. You will want to make notes on a draft and then sign the final draft to submit to the board.

    While working remotely, it’s helpful for each team member to take ownership of one section of documents: Meeting Minutes, Standing Rules, any additional Policies (such as money handling, password updates, etc.), Bank Statements, Reconciliation Reports, Treasurer’s Reports, Expenses Reports, Deposit Reports, Grant Documents, Budget, etc.

  2. Understand the Financial Review Form
    Check out the example below for notes on what documents to reference for each question. Click here to print the PDF of this document. *NOTE: This example is of an old form from 2019-2020. Most of the same questions are asked on the newer form with a few additions to account for allowing PTAs to have debit or secured credit cards.

  3. Use the Comment Section
    As you work through the checklist, make note of any exceptions in the comments. If you cannot answer a question based on the information and files that you have, note this and move on to the next question.

    ​The final page will require signatures from all parties of the Financial Review Committee as well as any feedback and recommendations for the board of directors to take under advisement. This is also a great place to provide positive feedback!
Picture
Picture
​IMPORTANT REMINDER:
The annual Financial Review is a requirement of your PTA/PTSA’s insurance. It is also a helpful tool meant to assist the treasurer and the rest of the board of directors in establishing and refining best practices. During a Financial Review, the policies and procedures are reviewed, and the committee’s feedback is important in providing guidance on those policies.
 
If you still have questions about preparing for or completing a Financial Review, contact our Council Treasurer.

(Content updated 01/06/2025)


Comments are closed.

    Archives

    June 2025
    May 2025
    April 2025
    March 2025
    February 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    September 2023
    August 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018

    Categories

    All
    Accessibility
    Advocacy
    Art Docent
    Awards
    Awareness
    Bonds & Levies
    Candidates Forum
    Coffee With Council
    Community
    Convention
    Council Committee
    Council Office Hours
    Council Programs
    DEI
    Elections
    E Prep
    Events
    F.A.C.E.
    Family Engagement
    Financial
    Focus Day
    Focus Week
    Governance
    Grants
    Issues
    Leadership
    Legislative
    Legislative Assembly
    Local PTAs
    Meetings
    Membership
    Mental Health
    Nominating Committee
    Northshore PTAs
    Northshore School District
    NPTA
    Online
    Parent Education
    Principles
    Pta Leaders
    #PTAProud
    PTA Training
    Public Comment
    Reflections
    Region 6
    Resolutions
    Resources
    Roundtable
    SOA
    Spanish
    Special Education
    Spring Recognition
    Spring Recognition Breakfast
    Staff Appreciation
    Standards Of Excellence
    Survey
    Volunteer
    Vote
    WSPTA

    RSS Feed

Northshore Council PTSA 6.10 
PO Box 1461
Bothell, WA 98041-1461
Picture
Picture
ABOUT US
CONTACT US 
NORTHSHORE COUNCIL PTAS/PTSAS
​
COUNCIL ENEWS

Northshore Council PTSA is a welcoming organization that works to support our Local PTAs and serve the children and youth of our community through advocacy, collaboration, education, engagement, leadership, and mentorship.
  • Home
  • Council Blog
  • About Us
    • Officers & Contacts
    • Standing Rules & Policies
    • Mission Statement
    • Goals & Objectives
    • Northshore PTAs/PTSAs
    • Contact Us
    • Guest Seat Policy
  • Calendar
    • Council Meetings
    • Training Opportunities
    • Family Education Opportunities
  • Advocacy
  • Membership
  • Council Programs
    • Council Awards >
      • Award Recipients
    • Educational Speakers and Community Events Grants >
      • Grant Recipients
    • Emergency Preparedness >
      • EP FAMILY
      • EP Chair Info
    • Presidents & Principals Event
    • Reflections >
      • 2022-2023 Reflections Art Showcase
      • 2021-2022 Reflections Art Showcase
    • Spring Recognition Event
    • Volunteering >
      • Thank You
  • Community Resources
    • Family Education
    • Mental Health Awareness
    • Special Education
  • Council eNews
  • Forms, Documents, & Procedures
  • Northshore School District
  • Region, State, & National PTA Info
    • Region 6
    • WSPTA
    • National PTA