Wrapping Up Your PTA’s Fiscal Year

Many PTAs have their fiscal year ending on June 30th (check your bylaws), which means it’s time to handle all of those end-of-the-year tasks so your PTA is Financial accountingready to start off on the right foot when school starts.

  1. Close your books. Make sure you get those last deposits in and write those last checks before the end of your fiscal year. Send in your last dues payment and any unused PTA membership cards.
  2. Prepare for your audit. Your bylaws spell out how your audit should be conducted. Remember, nobody authorized to sign checks can be on the audit committee, though it is helpful for the treasurer to be accessible to the committee when they are conducting the audit. Make sure the committee has all of the financial records, including treasurer’s reports, the checkbook register, the ledger (or spreadsheet or wherever you record income and expenses against your budget lines), deposit and expense vouchers, copies of meeting minutes, and last year’s audit report.
  3. Conduct your audit. Be sure to have the committee sign off on the audit report form. Your PTA membership will need to vote to accept the audit report at your first meeting prior to adopting your budget.
  4. File your 990 form. Once your audit is done, you have all the information you need to file your Form 990 with the IRS. If your PTA has less than $50,000 in gross income, your PTA can file the online Form 990-N. Be sure to keep a copy of your receipt from the IRS saying that you’ve filed. If your PTA made between $50,000 and $200,000, your PTA needs to file the Form 990-EZ. National PTA has a helpful step-by-step guide to walk you through these two forms. The IRS Charities and Non-Profits page also has useful information.
  5. Register your PTA’s new officers. You can register online, and doing so ensures that your PTA will get the new Local Unit Packet stuffed full of useful information when it comes out later this summer.
  6. Plan next year’s budget. Look at what you spent this year, what programs you plan to retire or introduce, and what changes you plan to make. Consider having a budget line to send someone to the Illinois PTA Convention next spring or to support the Illinois PTA Scholarship Fund with volunteer and other awards. If you’re not sure where to start, take a look at our sample budget.
  7. Get trained. Contact your district or region director to find out when training will be available in your area. Be sure to check out National PTA’s E-Learning Library as well.