Are Form 8815 Audit 2022-2023

Instructions and Help about Are Form 8815 Audit

Welcome to the Illinois PTA video series PTA essentials a series of brief videos that cover the basics of running a PTA a unit this PTA essentials video covers your PTA audit we will begin with one to perform an audit your PTA should do an audit at the end of your PTA fiscal year for many PTA s this will be June 30th but check your bylaws for what your fiscal year is you also perform an audit when there is a change in signatories on your PTA checking account at a time other than the end of the fiscal year or whenever you suspect there might be a problem with the PTA accounts so how do you do an audit the makeup of your audit committee is specified in your PTAs bylaws the bylaws will also specify who elects or selects the audit committee members you want at least three people on your audit committee members of the audit committee cannot be signatories to the PTA checking account this means that the treasurer likely cannot be a member of the audit committee but they should plan to attend the audit anyway to answer any questions the committee has your PTA may use an outside auditor if your bylaws specify that that is a possibility your PTA may have a member who is an accountant or other financial professional who volunteers their services with a PTA on it however you need to be sure that your auditor is familiar with nonprofit requirements PTAs have run into trouble in the past when a helpful auditor files additional forms that larger nonprofits must file but that PTAs generally do not need to when this happens PTAs are often locked into finding those additional forms annually thereafter with penalties when they fail...