A Better Payment Processing Option for Your PTA
Guest post by our sponsor, Cheddar Up A very buzzy topic among parent groups is: “Can PTAs use Venmo?” The answer is layered: Yes, you could. It is available to you. But should you use it? Here, we’ll look at a few reasons to pinpoint why Venmo may not work for your PTA and a…
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News
Effective Budgets
Building a goal-based budget is key to the success of PTAs. Learn how to assess your PTA’s financial management practices and how to develop and amend budgets. Topics discussed in this class are not covered in the class Managing Your Nonprofit PTA.
Ask WSPTA: Can a PTA sign up for a Venmo account?
Here’s a common question we receive in the support@wastatepta.org inbox: Can our PTA set up a Venmo account for fundraising? For a long time, we highly discouraged the use of Venmo because it was not designed to work for nonprofits. Over the past couple years, Venmo has introduced a new version of its product that…
Managing Your Nonprofit PTA
The financial management of the PTA is the responsibility of the entire board of directors. Learn basic financial skills to manage and track PTA funds, online accounts, legal obligations to maintain your tax-exempt status and other considerations. This training is recommended for all elected officers and board members. Register here for the zoom link to…
How to Prevent, Identify, and Deal with Embezzlement of Your PTA’s Funds
Guest post provided by Platinum Sponsor, Association Insurance Management Inc (AIM) Ever wonder what the #1 claim type that AIM Insurance handles? Believe it or not, it’s embezzlement. Yet, because PTA’s fear information about the impact of embezzlement of their PTA’s funds getting out to the public, it often remains a shameful secret. And unfortunately,…
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News
Tip of the Week – May 19
Budgets Should Align with the Stated Purpose of Your PTA PTA funds must be spent on PTA purposes. Check to make sure that your PTA’s budget and activities are aligned with your PTA’s purposes. Each PTA submitted an IRS Form 1023 or an IRS Form 1024 when they applied for nonprofit status (501(c)(3) or 501(c)(4)).…
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Leadership
Tip of the Week – March 10
What Does a Budget Committee Do? As your PTA’s treasurer and chair of the budget committee, you’ll want to start developing next year’s (July 1 -June 30) budget soon. Who should you ask to join you? Good choices are often the incoming president and treasurer, and outgoing president because they understand the past and future…
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Leadership
Tip of the Week – January 6
Reporting Payments to Independent Contractors If your PTA paid an independent contractor at least $600 in calendar year 2021, you must send to them and to the IRS form 1099-NEC, Nonemployee Compensation (NOT form 1099-MISC), postmarked by January 31, 2022. The IRS requires a paper copy of form 1099-NEC, accompanied by form 1096. These forms…
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Leadership
Tip of the Week – December 2
Special Donation Rules for 2021 If your PTA accepts donations, remind members and other potential donors of the special temporary COVID relief rules in effect for 2021: people who take the standard deduction for their 2021 tax returns may claim an above-the-line deduction of up to $300 for cash donations ($600 for cash donations for…
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Leadership
Tip of the Week – September 30
Financial To-Do List to Start the Year The entire board of directors should review PTA budget and monthly financial statements Written financial policies, including for electronic banking and passwords Insurance policy renewal IRS informational filing (990N/990-EZ/990 – filing due November 15) Standards of Affiliation At the first membership meeting, PTA members should Adopt/re-adopt the PTA…
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Leadership