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Fiscal Fitness – Tips for Treasurers
Fiscal Fitness – Tips for Treasurers
It’s a new school year and there’s lots going on! Please make time to check these important items off your Treasurer list to get off to the best start!
Good-bye 2022-2023
Most likely your fiscal year ended June 30, 2023. Check your bylaws! The outgoing and incoming treasurers should work together to “get it done”!
Prepare the 2022-2023 year-end treasurer’s report
Arrange for the Financial Review / Audit
Prepare and file the IRS 990 report. See the FAQ
Submit the completed audit and the 990 to Michigan PTA through the Givebacks (formerly MemberHub) Compliance section
Transfer materials and electronic access to accounts (bank, Stripe (for Givebacks store payments), email, OneDrive, GoogleDrive, ...), software (spreadsheets, Quickbooks), etc. to the incoming treasurer
Hello 2023-2024
Update signatures on the bank account(s) Check your bylaws to see which three officers are designated as signers
You will need a copy of the minutes of the meeting where the new signers were elected
It is also helpful to provide the bank with a letter on PTA letterhead stating who is coming off the account, who is being added, and who remains on the account
Plan a budget for 2023-2024 and present it for approval by the members
Submit the approved 2023-2024 budget to Michigan PTA through Givebacks (MemberHub)
First PTA meeting of 2023-2024
The year-end treasurer’s report, coupled with the financial review and the 990 filing are official records of the PTA/PTSA. As soon as they are complete, you’ll want to present these documents to the membership and make it official
Here’s to a smooth start to 2023-2024! If you have questions, please ask
IRS 990 - FAQ
Q: What is the IRS 990?
A: The 990 is the form charitable organizations use to report their financial information to the IRS.
Q: Which form do I file?
A: It depends on your PTA’s gross receipts (income)
$50,000 or less, file the 990-N “electronic postcard”
$50,001-$200,000, file the 990-EZ
Over $200,000 file the 990
Q: When is the 990 due?
A: November 15th, if your PTA’s fiscal year ends June 30. You can file it any time after the end of the fiscal year. Do it now, while you are fresh off your audit.
Q: Is it hard to file the 990-N (ePostcard) and how do I file it?
A: No! It is super easy You need only 8 pieces of information (see below and IRS info).
Employer identification number (EIN), also known as a Taxpayer Identification Number (TIN)
Tax year (calendar or fiscal filer)
Legal name and mailing address
Any other names the organization uses
Name and address of a principal officer
Website address if the organization has one Confirmation that the organization's annual gross receipts are $50,000 or less
If applicable, a statement that the organization has terminated or is terminating (going out of business)
Follow the instructions on the IRS website, which includes a link to the online submission page and how to create an account. There is also a stepby-step PDF instruction book, IRS Publication 5248
Q: Is it hard to fill out the 990-EZ or 990?
A: Probably, for most people Unless you are a CPA or love filing your own taxes and reading IRS documents, you will probably want to have a tax professional help your PTA complete and file the 990-EZ or 990.
