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Video instructions and help with filling out and completing Are Form 8815 Audit

Instructions and Help about Are Form 8815 Audit

Welcome to the Illinois PTA video series, PTA essentials. This series consists of brief videos that cover the basics of running a PTA unit. This PTA essentials video specifically focuses on your PTA audit. To begin, an audit should be conducted by your PTA at the end of the fiscal year. For most PTAs, this will be on June 30th. However, it is important to check your bylaws to determine your specific fiscal year. Additionally, an audit should also be conducted when there is a change in signatories on your PTA checking account or whenever there is a suspicion of problems with the PTA accounts. So, how do you conduct an audit? The makeup of your audit committee and the process for electing or selecting its members should be specified in your PTAs bylaws. It is recommended to have at least three members on your audit committee. However, it is important to note that members of the audit committee cannot be signatories to the PTA checking account. This means that the treasurer is likely unable to be a member of the audit committee. Nevertheless, the treasurer should still attend the audit to answer any questions the committee may have. Your PTA may choose to use an outside auditor if your bylaws permit it. Alternatively, your PTA may have a member who is an accountant or financial professional volunteering their services. However, it is crucial to ensure that the chosen auditor is familiar with nonprofit requirements. Some PTAs have faced difficulties in the past when auditors file additional forms that larger nonprofits must file, but PTAs generally do not need to. Consequently, PTAs have been obligated to file these additional forms annually and face penalties for failing to do so. If your PTA has a gross income exceeding $300,000, Illinois law requires the use...