Dear PTA Members,
At the June 1st general PTA meeting, the following PTA members were appointed to the Financial Review Committee:
- Leamsy Cruz
- Partha Sarathi
- Diane Sharple
- Karen Singletary
As per the suggested timeline given by NJ PTA, we are aiming to have the books and bank statements reviewed in July, after the fiscal year ends on June 30th.
Prior to the Financial Review Committee conducting their review, the President and Treasurer are to prepare the end of fiscal year report and reconciliation and fill out their portion of the Financial Review. They also will prepare all materials for the Financial Review Committee.
Once the Financial Review Committee conducts its review, the outgoing Treasurer will provide a completed Financial Review to the incoming Board. The Treasurer also files the 990 tax form via File990.org.
By August 1st the Treasurer transition should be complete. The new Treasurer will start work on the 2022-2023 Year.
At the first 2022-2023 PTA General Membership Meeting, we will present the Budget, Financial Review, and Standing Rules to General Membership for approval, and then upload to the compliance tab in MemberHub for storage and for NJPTA to assist board members in the future.
The forms and instructions on Financial Review Procedures are in the first two links.
NJPTA Financial Review Form 2021 - 2022.pdf
Financial Review Instructions 21-22.pdf
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Below is more information from NJ PTA in case you are wondering how all of this works.
Thank you for your attention! :)
Shazia
How the Committee is Appointed
https://newjerseypta.zendesk.com/hc/en-us/articles/1500000713142-Financial-Review-Committee-Members
The president shall appoint, subject to the approval of the board of directors, a financial review committee consisting of not less than three members, who are not authorized signers.
Members of the financial review committee shall not be the current president, treasurer, secretary, or be related by blood or marriage and shall not reside in the same household as the authorized signers.
For the financial review required at the end of the fiscal year, the president shall appoint the financial review committee at the last membership meeting of the year.
Financial Review Committee Overview
https://newjerseypta.zendesk.com/hc/en-us/articles/360061018973-Financial-Review-Committee-Overview
A financial review examines all financial transactions to ensure that expenditures are properly documented and conforms with the approved budget and the PTA's governing documents.
A financial review is required, at least annually, at the end of the fiscal year. The review should also be performed:
- when any authorized check signer is added or deleted on any bank account; and
- at any time deemed necessary by the president or three or more members.
Committee information and discussions are confidential; therefore, meetings should be conducted in a private location and only include appointed committee members.
The committee may contact the outgoing Treasurer and outgoing President for any clarification required, all findings should remain confidential until the report is delivered.