Monetary Policies and Procedures

Monetary Policies and Procedures

The Stafford Elementary Schools PTO funds are intended to benefit the students through the enhancement of school programs and activities. The Stafford Elementary Schools PTO Officers are the guardians of these funds and have an obligation to see that they are protected and used wisely.  It is very important that everyone follow these policies.

1.  REIMBURSEMENTS FOR EXPENSES: 

• Generally speaking, the PTO prefers to pay bills directly, rather than requiring individual volunteers to pay expenses and then get reimbursed.  However, there will be circumstances where reimbursements are necessary.  

• All Reimbursements must be approved by the PTO Executive Board.

• All reimbursements require a receipt. There can be no reimbursement of costs without the actual receipt or invoice. 

• Please do not eat expenses. We do our budgeting and plan our fundraisers based on prior year’s experience; if volunteers do not submit expenses, we underreport our expenses and cause budgeting problems for future years.  If someone wishes to donate items they have purchased, please contact one the Co-Treasurers to ensure that the donation is correctly accounted for.

• The chair of an event/activity is responsible for collecting and submitting all receipts and completed reimbursement forms to the PTO Treasurer within 2 weeks after the event. Please do not accumulate receipts and wait to submit them; submit all receipts as soon as possible. 

• Volunteers must turn in completed “Check Request” forms and the receipts to their respective committee chairperson. 

• The officer responsible for the budget line item involved must sign the form before funds will be disbursed; please contact the responsible officer to let them know you have a request form to be signed.

• Blank “Check Request” forms are available in the form folders in the PTO box in the main office, as well as on the PTO website. 

• If payment is needed prior to an event, please contact the treasurer as early as possible to schedule the payment.  Please have the “Check Request” form complete with approval signature of the appropriate officer to exchange for the check.  The check will not be disbursed without the officer’s approval, and our insurance policy requires that all checks have two signatures, so it takes some time to get a check processed.  Please plan ahead for these situations!!

2. REQUESTING CHECKS: 

• Completed “Check Request” forms can be left in the Treasurer’s folder in the PTO office, emailed, fill out the google form on the PTO website, or can be mailed directly to the treasurer. 

• Blank signed checks will not be issued for any reason.

• As a general rule, allow two weeks for processing of a reimbursement.  If the request is more time critical, contact the Co-Treasurer by phone or email.  When possible, checks are written and signed at monthly PTO meetings.

• PTO’s books close June 30, when all budgeted accounts revert to the general purposes of the PTO. 

• All requests for reimbursements must be in the hands of the Treasurer by June 1st to allow adequate time for processing. The only exceptions are end-of-year parties and other June events, which are due by 2 weeks after the last day of school. 

• No reimbursements will be made after June 30th. 

3. COLLECTION OF FUNDS:    

All committees involved in fund-raising or events handling money should designate volunteers to manage the monies and must follow these procedures.  Note that for most events or fundraisers where money is sent in advance or through the classrooms, cash payments should be discouraged as we have no way to safeguard cash moving through the school or in the office. 

For Events with Cash:

Before the Event:

• Cash Box information must be given to the Treasurer at least one week before an event. The PTO has two cash boxes available for use with cash each in them not to exceed $100.  Please make additional arrangements needed if this is not sufficient.

• Be sure to have calculators and pens/pencils at each event for calculating totals.  There is one PTO calculator available in one of the cash boxes. 

At Event:

• The Treasurer will give you the cash boxes requested. 

• Never leave the money alone.  Always have two adults with the money at all times. 

• When taking electronic payments, there may be a log and signature for each transaction.

At End of Event, The Money Must Be Processed As Follows:

• All funds received in cash must be counted by two people, preferably with one of the two being a PTO Committee Chair or Officer. 

• Please separate currency by denomination (with a paperclip), and fill in amounts on the “Deposit Voucher” form.

• Please log number of checks and total value on the “Deposit Voucher” form.  If a tape calculator is available, please provide a tape of all checks with their total.

• The “Deposit Voucher” form signed by counters, and the money, must be given to the Treasurer within 48hours. Contact the Co-Treasurers to make arrangements to transfer funds; do not just put them in the Treasurer’s mailbox at school. 

 Blank copies of the “Deposit Voucher” and “Check Request” forms are in the PTO mailbox in the main office, 

4.  CHECK ACCEPTANCE POLICY:

• All checks should be made payable to:  WSS & SES PTO

5. BUDGETARY PROBLEMS: 

• If you have budgetary problems, let the Treasurer know as soon as possible. 

• If a revision or over-run is warranted, it needs to be approved by the Board or the general membership (depending on the amount).  Such changes should be approved prior to any money being spent. 

6. CONTRACTS: 

• The PTO should only enter into written (not verbal) contracts. 

• Contracts are valid only when signed by one of the officers, however the contract must be approved by the executive board before signing said contract. 

• Any other person signing a contract can be held personally liable for PTO the full amount. 

• For significant purchases, at least three price quotes/bids should be obtained to help ensure that the PTO is receiving the best value when applicable.

• Any potential contracts with persons or companies related to a officer or committee chair must receive special review to ensure that no conflict of interest exists.  After exercising due diligence, the PTO officers shall determine whether the PTO could obtain a more advantageous transaction or arrangement with reasonable efforts from a person or entity that would not give rise to a conflict of interest. 

• Independent contractors earning above $600 must supply a street address and social security number for IRS purposes; use Form W-9, available at www.irs.gov. 

7. TAX EXEMPTION: 

• The PTO has its own tax ID # for sales tax exemption purposes.  Copies of the sales tax exemption certificate are kept in the PTO mailbox in the main office.  In order to take advantage of the exemption, purchases must be made directly with PTO funds; i.e. either a PTO check or debit card.  You cannot purchase items with personal funds or cash and receive the sales tax exemption.

• Certain stores (such as Wal-Mart, Staples) require that we apply for sales tax exemption with their store and receive a special exemption card to be used at that store.  Consult with the Treasurer for a list of stores with these special requirements.

• A copy of our Federal tax exemption paperwork is kept in Google Drive.  If additional copies are needed or if a specialized letter is needed, please contact the Co-Treasurers.  There will be a list kept of who needs a copy of the Federal tax exemption paperwork.

• Exemption from Connecticut sales taxes is separate from Federal tax exemption; there are two different documents proving our tax exempt status.

8.  SOLICITING AND RECEIVING DONATIONS:

Certain committees may have a need to solicit donations in the community, in the form of cash or in-kind contributions.  As a Federally tax-exempt 501(c)(3) organization, the PTO has certain responsibilities to donors. 

• Donation requests should be submitted to potential donors on letterhead.  

• Prior to requesting a donation, please check the Google sheet of donations, care must be taken to not request donations from the same company on a repeated/excessive basis during the school year.  

• Any donor who requests documentation of the PTO’s tax exempt status should be provided with our IRS tax exempt “determination letter.”  A copy of this letter is available in Google Drive. 

• Report any donations received on the Google Sheet in a prompt manner.  

• Committees who solicit donations are also responsible for producing thank you notes to donors.  Depending on the type of donation, certain wording to satisfy IRS requirements may be necessary; check with the Treasurer.  All thank you notes should be signed by an officer or appointee.