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

Instructions and Help about Where Form 8815 Audit

The California State PTA toolkit explains the PTA audit go to toolkit Capt a org click on the finance tab and drop down to PTA audit the toolkit contains information on the audit schedule the purpose of an audit preparation for an audit audit procedure and recommendations and the audit report it also contains a job description for a PTA auditor the PTA auditor is an elected PTA officer and member of the PTA executive board if an auditor was not elected one may be appointed or hired the auditor must be impartial and not related to the president financial officers or any PT a check signer or chairman that handles PTA funds audits are performed at time specified in the bylaws PTA books must be audited semi-annually and at any time a financial officer resigns or no longer serves in that position a PTA audit is a formal review of ptas financial records and its internal controls PTA financial records include financial records financial reports and financial forms the PTA executive board and the auditor should be familiar with each of these records the ledger is the principal book for recording financial transactions the ledger is used to track all receipts and disbursements it's a permanent record that must be retained forever the checkbook register is used to track the balance of the checking account all bank deposits checks written and any other account debits and credits are recorded and balanced in the checkbook register the cash receipt book is used to track coins and dollar bills received the treasurer or financial secretary must write a cash receipt for any coins or dollar bills received cash receipts are retained for seven years monthly bank statements with copies of canceled checks must be retained for seven years deposit slips are used to deposit funds to the PTA bank account the original slip is given to the bank a copy of the slip should be attached to the cash verification form that corresponds to the funds received deposit slips are retained for one year original receipts and invoices are attached to the payment authorization form that corresponds with the payment made receipts and invoices are retained for seven years the Executive Board and Auditor should be familiar with PTA financial reports treasurer reports report the previous balance receipts disbursements and ending balance of each PTA bank account for the accounting period between meetings treasures also report budget updates financial secretary reports report receipts and deposits for each PTA bank account for the accounting period between meetings committee reports report the details of planned programs and activities including the date the program was approved by the Association and financial details the most recently approved audit reports report the ending account balances of the previous accounting period which are the beginning account balances for the subsequent accounting period they all feel aid the auditor with identifying any ongoing concerns and with recommendations audit reports must be retained for ever meeting minutes for both borden association meetings are used to verify board and association approval of programs budgets and expenses minutes must be retained forever the executive board and auditor should be familiar with ptas financial forms cash verification forms are used to record all PTA income and corresponding bank deposits bank deposit slips are attached to corresponding cache verification forms cash verification forms are retained for seven years payment authorization forms are used to record payments original bills receipts and invoices are attached to their corresponding payment authorization forms these forms are retained for seven years unit remittance forms are used to record money remitted to council district or state ptas including membership dues the annual insurance premium any late charges any workers compensation surcharges any Founders Day free will offering or any council or district PTA assessments unit remittance forms are retained for seven years a PTA audit is a formal review of pta's financial records and its internal controls internal controls are an organization's rules and procedures that safeguard its assets PTA internal controls pertain to the association the executive board and to individual officers the executive board and auditors should be familiar with PTA internal controls that pertain to association members action is taken at association meetings and recorded in meeting minutes association members authorize all programs and fundraising events association members authorize all payments association members adopt the annual budget and approve any changes to the budget association members elect officers annually at the annual election meeting the executive board an auditor should be familiar with PTA internal controls that pertain to the Executive Board executive board members are fiduciaries of the Association and are trusted and legally liable to protect the assets of the organization to ensure compliance with all laws to meet the needs of the children and members to ensure continuity to ensure that the Association remains transparent that PTA members are given the opportunity to participate in decision-making and to view financial reports to ensure the association is carrying out the purposes of BTA the Executive Board governs PTA committees committee chairmen present plans to the Executive Board for approval no work may be undertaken without approval of the board as a whole the board transacts necessary business authorizes the payment of a association bills receives written financial reports from the treasurer and financial secretary and presents board reports at association meetings the Executive Board is subject to the orders of the Association and meets at least once a month during the school year at least 14 days prior to association meetings the Executive Board and Auditor should be familiar with PTA internal controls that pertain to individual PTA officers treasurer prepares all payment authorization forms and pays all bills as authorized by the executive board or Association the treasurer secures two authorized signatures on all checks keeps the membership informed of expenditures as they relate to the budget and presents a treasurer's report at every board and association meeting the financial secretary gives