Financial Procedures

Every year the PTO adopts a set of governing financial procedures.
Below are the PTO Financial Procedures for 2018-2019.

Liberty School Parent Teacher Organization
49 Proctor Road
Braintree, MA  02184

Financial Procedures 2018-19 School Year

1. All funds of the Liberty PTO shall be maintained in an account with a financial institution. There shall be no commingling of Liberty PTO funds with the personal funds of an Officer or other Member.

2. Only officers of the Liberty PTO - President(s), Vice-President(s), Secretary(ies), and Treasurer(s) - shall be listed on the bank account as authorized signatories.

3. At least two (2) authorized signatures are required on all checks with a value higher than $2,000. The PTO will potentially leverage available electronic banking, payments, deposits and collection technology.

4. Bank account statements are to be mailed or delivered electronically to the Treasurer c/o Liberty School.

5. Bank account statements are to be reconciled by the Treasurer.

6. Monthly Treasurer's reports will list all checks paid out each month, amounts for said checks, name/payee for all checks, and the reasons for said checks.

7. If necessary, bonding will be obtained for Officers.

8. At least two individuals, designated by the Treasurer, will count all cash at fundraisers, one of whom must be an Officer.

9. When funds are collected at fund raisers, people turning cash over to the Officers will be asked to count the funds and initial such pick ups. Time of pickups will also be noted.

10. Funds will be counted at the place of such event. Night deposits will be made when feasible.

11. A "designated fund" is money put aside for a specific purpose. Any money put into a designated fund shall only be used for that purpose. It cannot be used for other activities unless specifically voted on and agreed to by the Members at a duly called meeting.

12. The Liberty PTO accounts will be used only for Liberty PTO sponsored activities or agreed upon items voted by the PTO Board members.

13. No loans shall be made by the Liberty PTO to any individual or organization.

14. Upon agreement of the Executive Board or at a Regular meeting of Members, any Officer(s) may enter into contracts or agreements for the purchase of materials or services on behalf of the Organization.

15. No later than 1 month before any Liberty PTO event, every committee head(s) or chair(s) shall meet with the PTO Treasurer(s) to review the budget for their event and the planned expenditures within that budget.

16. No PTO Committee Chair may exceed their budget expenditures by 10% or $250 (whichever is smaller) unless approved by the PTO Board (in between regular meetings) or the PTO Membership (at a regularly scheduled meeting). Any Committee Chair exceeding this limit without prior approval will be personally liable for the overage.

17. Receipts are required for all expenditures to be reimbursed. No Exceptions.

18. No later than 45 calendar days after the conclusion of an event, all receipts and expenditures must be submitted by the Committee/Event Chair. Receipts submitted after 45 days will not be paid by the PTO and will be the personal responsibility of the committee Chair.

19. Payments shall be made payable to applicable individuals or entities upon presentation of an invoice or receipt for reimbursement.

20. No checks shall be made payable "to cash" unless cash is actually needed for, for example, for the Holiday Bazaar.

21. Any returned check fees incurred by the Liberty PTO shall be reimbursed to the PTO by Members whose checks were returned.

22. The Treasurer shall file all necessary reports as required by law.

Proposed October 3, 2013
Adopted by the Liberty PTO October 9, 2013