Every PTA must conduct a year-end financial review, as specified in the WSPTA Uniform Bylaws. This is a PTA requirement, through the WSPTA Standards of Affiliation, required by fidelity bond insurance, and an important business practice.
The year-end financial review should be completed no later than August 31 and should cover the period of July 1 to June 30. If a mid-year review was completed, the year-end financial review only needs to cover the part of the year that has not yet been reviewed.
The PTA president should appoint a financial review committee of at least three members who are not signers on the PTA accounts. The treasurer should not be present but should be available in case of questions during the financial review.
To assist PTAs with completing this task, WSPTA has a Financial Review Checklist. For more information about the financial review process, please refer to the Board Resources/Finance resources in the Leadership Guides section of the WSPTA website.
And, if your PTA is still being cautious and maintaining social distancing, you can read this blog post on online financial reviews.