Banking Basics
- The PTA should maintain one checking account with one checkbook for PTA funds
- Two signatures are required on all PTA checks
- A PTA is permitted to have a savings account for its reserve funds
- The purpose of the PTA is never to become the fundraising arm of any organization or to accumulate large sums of money
Utah PTA and National PTA advise that if your PTA’s current environment has weak business processes resulting in poor internal controls, this must be addressed prior to or in conjunction with transitioning to an electronic environment. Taking weak and ineffective business processes and moving them to an electronic environment will only make matters worse quickly. The need for complete and accurate documentation is more important in an electronic environment. The need to recognize, research, respond to, and correct a problem is time sensitive in the electronic realm. Documentation regarding the change should be filed with your financial records and the changes should be approved by the PTA membership.
Review the following pages to learn about different kinds of banking options that a PTA/PTSA CAN and CANNOT do!