Mandatory Audit: An audit must be performed by every PTA/PTSA due by September 30th. After completion of your Audit/Financial review, please send a copy (by September 30th) to: firstname.lastname@example.org.
Dollar$ & $en$e is Florida PTA’s Treasurer’s Manual. It provides additional resources, specific to Florida, for the local unit Treasurer. After officers are registered, the President, Secretary, and Treasurer will be emailed the Florida PTA Kit of Materials, which includes the Dollar$ and $en$e. Please review for guidance in matters regarding finance.
Just like a business, your PTA 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 PTA 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, etc.
Accident Medical: 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 “raffle/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.
Additional information and guidance can be found on FL PTA website: https://floridapta.org/important-irs-information/
Yearly Filing of the 990
ALL PTAs are required to file a 990 every year. Most PTAs have a fiscal year that runs from July 1 through June 30. 990 tax forms must be filed for the prior year after July 1, but before November 15. For example:
Fiscal Year 990 Tax Year Filing Start Date Filing Due Date
7/1/16-6/30/17 2016 7/1/17 11/15/17
7/1/15-6/30/16 2015 7/1/16 11/15/16
7/1/14-6/30/15 2014 7/1/15 11/15/15
There is more information on filing 990 forms in the in the National PTA Finance Quick Reference Guide and FL PTA Dollar$ and Sense Guide. See the links below. Not filing your 990 in a timely fashion may result in your unit losing its 501(c)(3) nonprofit status. Units with GROSS income under $50,000 can file the 990-N ePostcard. Units with GROSS income between $50,000 and $200,000 must file the 990-EZ with Schedule A. Units with GROSS income over $200,000 must file the long 990 form.
IRS Reinstatement Information
The IRS recently issues letters revoking the tax-exempt status of numerous organizations for failure to file information returns for three consecutive years. In particular, the revocations resulted from a failure to file required annual electronic notices known as the Form 990-N e-Postcard. If your local PTA® received a letter from the IRS stating that your tax-exempt status has been revoked, please follow the instructions below to reinstate your unit or council’s tax-exempt status.
The Instructions for the 501(c)(3) reinstatement process using IRS Form 1023 is on the National PTA website at: www.pta.org/taxhelp.