Best Practices

• Follow all laws and applicable Spring ISD guidelines, including those pertaining to fundraising activities
• Provide the Principal and Family and Community Engagement department with a list of the PTO/Booster Club officers at the beginning of each school year and as officers change.
• Update the authorized signers on your bank accounts as officers change.
• Ensure that your PTO is in good standing as a valid non- profit organizations on a yearly basis
• All monies received in the name of the PTO/booster club must be receipted, deposited into the PTO/booster club checking account and accounted for through the financial records.
• It is imperative that all monies collected are properly safeguarded
• Request a W-9 from all vendors before issuing them a check for work performed on behalf of the PTO/booster club
• Give receipts to individuals
• Deposit funds daily
• Check account balance before making any purchases
• Develop a pre-approval process for all expenditures
• Ensure your bylaws require two signatures on checks
• Ensure at least two persons are present when collecting and/or counting cash
• Perform Monthly Reconciliations
  • Create a spreadsheet to track all financial transactions; the bookkeeping procedures shall include receipts, deposits, issuance of checks and purchasing
  • Review Bank Statement – Share the bank statement with the officers and principal. The President should review the bank statements on a monthly basis.
  • Always balance your spreadsheet to the bank statement; you must always be able to reconcile the finances at the close of each month.
• Audit
  • Perform a financial audit and/or annual accounting each year
  • Retain all financial records, including receipt books for a minimum of 5 years.