The Highcrest Middle School Parent Teacher Organization (PTO) is incorporated within the State of Illinois as a not-for-profit group, organized for charitable and educational purposes, to benefit the children of Highcrest Middle School. As such, and to ensure compliance with the Internal Revenue Code regulations which govern our 501(c)(3) not-for-profit status, all activities of the PTO must adhere to the following general financial policies:
1. The PTO expense budget solely provides for expenses incurred in providing PTO- sponsored programs and supporting other activities which are in furtherance of the PTO’s objectives as set out in Article II, Sections 1 and 2 of the PTO Bylaws.
2. All expenses should be submitted in a timely manner to the Treasurer,
accompanied by a completed voucher, signed by you or your committee chairman, along with applicable receipts or contracts. Expenses cannot be reimbursed using monies in the cash box from PTO events.
3. The State of Illinois tax exemption letter should be presented to merchants at the time of purchase so that tax will not be charged. The PTO will not reimburse sales tax on PTO purchases.
4. Each Chair of a General Board Committee will submit to the Executive Board a detailed line-item budget for the coming school year, for approval at the May Exec meeting. Budgets will then be approved by the PTO at the final General Board meeting of the school year. Each Executive Board VP must co-sign any contracts over $1000 undertaken by a Committee Chair that they oversee. Any agreement undertaken without the above approval becomes the personal obligation of the signor.
5. General Board Committee members should adhere to their budgets. If a General Board Committee requests additional funds, they will need approval from the Executive Board. Some Committees may find that their line-items on budgets need to be revised throughout the year (e.g., Enrichment programs change, need for more transportation, etc), however, any new expenses over $1000 even if they fall within their approved budget amount, will need approval from at least three (3) members of the Executive Board.
6. All checks totaling $1,000 or more must be signed by two check signors (Either Co- President and/or Treasurer).
7. All gifts/donations from the PTO or its representatives must be budgeted or approved in advance by the Executive Board. PTO funds are not intended to be used for gifts or parties for volunteers.
8. The Treasurer’s budget must cover the cost of a financial audit for each year in which the State of Illinois deems such audit necessary. The Treasurer’s budget must also cover the preparation of all local, state and federal tax filings and registrations.
9. All individuals who perform services for the Highcrest PTO must complete a Form W-9 prior to receiving their first payment. The individual performing the service(s) should complete Form W-9 and return it directly to their Highcrest PTO committee chairperson. The committee chairperson will remit the completed Form W-9 to the Highcrest PTO Treasurer for processing.
10. The Treasurer will issue refunds/cancellations to students’ parents for Clubs, JGB, parties, etc. at the discretion of the Chair of specified General Board Committee.
11. The monthly bank statement and related bank reconciliation reports from QuickBooks will be reviewed and approved (i.e. signed) by a member of the Executive Board other than the Co-Presidents and Treasurer during or following the Executive Board’s regularly scheduled monthly meeting. Additionally, this person or persons will review the Paypal accounts for any discrepancies in credits/deposits from/to the bank. The Treasurer will provide said Executive Board reviewer(s) with a Paypal “review-only” password.
12. The Treasurer may also provide Committee Chairs with access to the Paypal “review-only” password for purposes of registering students to Clubs, creating directory membership lists, yearbook orders, etc. at the discretion of the Treasurer.