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Backto Treasurer Guidelines
- All PTAs are 501 (c) 3. This means the PTA
is considered federally tax-exempt under the IRS code.
Maryland PTA issues all charters
to local PTAs, it thus holds the “blanket tax-exempt form” (authority)
for all local PTAs
- Contributions
to the PTA are tax deductible. Please provide a thank you
recognition receipt for the donation.
- PTAs must pay sales tax when purchasing items,
charge sales tax when reselling items, and file a Sales
and Use Tax Form.
July
- August
1.
Audit
Review
must be completed over the summer (This is required to be
completed before the school
year begins. And the PTA insurance policy and bylaws requires it)
2.
Update
signature cards
with new officers and date of election (minutes and signature
needed for bank) and file with the bank
3.
Set
up ledger, receipt and disbursement request books for
current year
4.
Budget
is prepared in conjunction with written goals established by the
executive board for the fiscal year beginning July 1 and ending
June 30
August
1.
Set up any funds needed by the first day of school, e.g.
Emergency Lunch Money Fund
2. Present the previous year’s Audit/Financial Review
and Fiscal Year Report to the executive board.
3 Insurance premium is due in Sept. All PTAs are required to have
general liability, bonding, and directors and
officers liability insurance as negotiated by MD PTA
brokered insurance policy.
September
1.
Present Financial Audit/ for approval; present new Fiscal
Budget for approval
2.
Set up any special funds approved by the current year’s
budget.
3. Prepare IRS form
990 (All PTAs must file)
OCTOBER
1.
MD and National PTA dues ($3.25 per member) that have been
sold so far mustbe sent to Maryland PTA by Oct. 31st
and checks should be made payable to MD PTA (5 Central
Avenue, Glen Burnie, MD 21061)
November
1.
PTA Council dues
are due to PTACHC Office by November 1st
2.
PTACHC Scholarship Fund
donation (if provided for in budget.
Payment: Send
a check, payable to PTACHC Scholarship Fund.
The
PTACHC Scholarship Fund annually awards at least:
-4-year academic scholarship ($2000
in any academic major)
-Dr.
C. Ecker Community service Scholarship ($500
for active service in school/community)
-MT
Goedeke Trade & Technical Scholarship (up
to $500 trade or technical school or junior college)
-4
year Teacher Scholarship ($2000
for a teacher education major)
3.
IRS Form
990/990EZ/990N is due by November 15th
ALL PTAS MUST FILE
see MD PTA Cash Encounters for more info.
To obtain 990 forms: www.irs.gov
or 1-800-829-3676.
December
1.
Look for Sales and Use Tax forms, if applicable
2.
Review when renewal of Charitable
Organization registration with the state of Maryland is due.
(For more information: www.sos.state.md.us/sos/charity/html.instru.html
)
January
1.
Retail Sales and Use Taxes due to the State for
July-December, if applicable
2.
IRS Form 1099 (misc.
Income) is due by January 31st distributed to any
person earning $600 or more through
PTA
sponsored programs for preceding calendar year.
February
1.
IRS Form 1096
is due by February 28th, (Annual Summary and
Transmittal Form)
(ONLY for
those PTAs that filled out IRS Form 1099’s)
MARCH
1.
State and National
PTA dues final remittal to be sent to Maryland PTA by March
30
2.
Return all unused
membership cards or you will be charged for the membership
fee.
April
1. Personal
Property Return
is due to the Maryland State Department of Assessments by April
15th (Note:
ALL
PTAs MUST file each year to keep your incorporation current)
Forms available at:
www.dat.state.md.us/sdatweb/personal.html
MAY
1.
Announce or send reminder
notices to anyone with allocated funds still to spend, e.g.,
committee chairs needing reimbursement, or teachers with Student
Enrichment Fund money still to spend, etc.
2.
Collect Budget Projection Forms from officers and
committee chairs. These
will be useful to help guide the budget committee in preparing
the budget for the next fiscal year
3.
A copy should be provided to any newly appointed
committee chairs to assure they agree with the projected amounts
for the next year.
4.
Form audit review committee
Please
remember that every local PTA is expected to abide by the
National PTA policy of having an independent Reconciliation
review/audit of the books, annually.
It is mandatory that
each local PTA send a copy of the Audit Report to the MD PTA
or PTACHC Treasurer.
June
1.
Present
a motion at the last executive board meeting authorizing
expenditures to be paid over the summer -
until such time as the budget is approved by the general membership in
the fall
2.
Pay all outstanding bills by June 30th
3.
Close the books by June 30th
4.
Look for Sales Tax Form, if applicable
5.
Outgoing treasurer turn over all books to new treasurer
after the audit is completed.
Note:
All
local PTAs in Howard County are considered federally tax-exempt
501( c)(3) under the IRS code
-Maryland
PTA issues all charters to local PTAs, thus
holds the “blanket tax-exempt form” (authority) for all
local PTAs
-Donations
to the PTA are tax deductible
-PTA’s
are incorporated
SALES
TAX - PTAs
must be charged sales tax when purchasing items
-PTAs must charge sales tax when reselling items
- PTAs must file sales and tax use forms with the state of MD
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