Running Your PTA
Dollar$ & $ense is Florida PTA’s Treasurer’s Manual. It provides resources, specific to Florida, for the local unit Treasurer. After officers are registered with Florida PTA, the President, Secretary, and Treasurer will be emailed the Florida PTA Kit of Materials, which includes the Dollar$ and $en$e Manual. Please review for guidance in matters regarding finance.
Audit/Financial Review
An AUDIT needs to be performed by every PTA/PTSA unit annually by August 31st, or before your new budget starts. Also, whenever your unit changes Treasurers, an Audit must be completed, before the new Treasurer takes office.
After completion of your Annual Audit/Financial Review, please submit a copy to Florida PTA at [email protected]
Tax Filing
All PTA/PTSAs are required to file a 990 every year. Most PTAs have a fiscal year that runs from July 1 through June 30 and 990 tax forms must be filed for the prior year after July 1, but before November 15.
Additional information and guidance can be found on the Florida PTA website and in the National PTA Finance Quick Reference Guide and Florida PTA Dollar$ and Sense Guide.
The IRS can revoke your unit’s tax-exempt status when failing to file returns for three consecutive years. If your PTA® has received a letter from the IRS stating that your tax-exempt status has been revoked, please contact [email protected] or Florida PTA immediately.
Insurance
Just like a business, your PTA/PTSA is exposed to certain risks that you may or may not be aware of. You may do everything you can to prevent something from happening to your PTA, but in reality, no one can guarantee that things are going to run smoothly all of the time. PTAs are not immune from liability. Your insurance policy will protect not only the assets of the PTA and the officers/board members, but can pay attorney fees to defend you, whether the lawsuit has merit or not. There are five separate risks that your PTA needs to be aware of.
General Liability, protects your PTA if someone gets injured at one of your events and holds the PTA responsible. Some of these activities include, but are not limited to, concession stands, end of year parties, swim parties, bounce houses, dunking booths, fun runs, auctions.
Accident Medical is designed to “compliment” your General Liability insurance, it provides medical coverage for risks that are specifically excluded from the liability policy such as, but not limited to, mechanical rides, school buses, automobiles, and watercraft.
Bond, covers anyone that your PTA trusts with money whether it’s an officer, board member, volunteer or “courier”. If a person embezzles your money, this policy could replace those missing funds.
Property, protects your “auction” merchandise, fundraising supplies while it’s in your possession. This policy protects any personal property of your PTA such as popcorn machine, snow cone makers, school store supplies, emergency preparedness supplies, etc.
Directors & Officers Liability, protects officers for any decision-making that they do. If someone sues the officers for mismanaging or misrepresenting the PTA, this policy would pay legal bills and provide protection for these allegations.
