So many of you are probably wondering, why the change from audit to financial review. Well without getting too technical the people in our PTAs that perform our reviews are typically not licensed financial auditors and our reviews do not meet the requirements of an independent audit. Therefore, the term financial review is replacing the term audit.
The purpose of our financial review is to verify PTA financial procedures are being followed and income/expenses are utilized for the purposes that were approved by the association. Our insurance also requires a financial review to be completed by a committee of at least two people. Here is a link to an article from the California State PTA that explains more about the financial reviews. Financial Reviews
I hope that your 2022-2023 Financial Reviewer and their committee have completed the year-end financial review for January 1, 2023- June 30, 2023. If not, your Executive Board will need to appoint a review committee to work with your current Financial Reviewer to complete the year-end review. (If you do not have an elected Financial Reviewer your Executive Board will need to appoint one.) If you need to create a committee, please read your bylaws regarding the criteria for a financial review committee.
Once complete, you will present the report to the Executive Board and your Association. Finally, the Financial Review Report, checklist, and recommendations should be uploaded to MyPTez or submitted to your council to be forwarded to Ninth District PTA (out-of-council units forward the report directly to Ninth District PTA). If you have difficulty uploading the report to MyPTez you may also send it to Deborah Childers at auditor@ninthdistrictpta.org. (I will be having my email address changed soon but it is auditor for now!)
I am working on scheduling a Financial Review workshop in the next month. Here is a link to a survey to help with selecting a date and time that will work best for most people. If you completed this survey before, you do not need to complete it again.
Finally, one helpful tip that will help you have a successful financial review is each month during your executive board meeting, review the monthly bank statement and verify the reconciliation your treasurer has completed. The bank statement is to be signed and verified monthly by a non-check signer, and if you verify each month during your meetings, your financial review will be one step closer to being completed. Below you will find a link to financial review forms that are fillable PDFs and some suggestions for completing a financial review.
Financial Review forms - Financial Review Guidelines
|