The treasurer is the elected custodian of the PTA’s funds, financial records and the official membership list. The incoming treasurer should discuss the financial status of the association with the outgoing treasurer, and ensure that the financial records are audited before assuming the treasurer’s duties. A detailed list of responsibilites.
A PTA’s tax-exempt status is one of its most important assets. If that status is revoked, charges of negligence or mismanagement may be brought against the officers and directors. Therefore, when considering a proposed activity, the PTA should ask, “Will this activity adversely affect our tax-exempt status?” Many of the issues discussed in the section on Fundraising is in relates to protecting a PTA’s tax-exempt status.
Strict compliance with all applicable federal, state, and local laws is extremely important to prevent even the most well-intentioned effort from becoming a serious problem for a PTA.