Treasurer's FAQs

1.  Can our PTCO help pay for a teacher’s salary?

 

ANSWER:  PTCO funds may be used for the purpose of providing paraprofessional support to schools, but may not be used to fund licensed staff positions.

 

2.  Should our PTCO charter a Boy Scout Troop?

 

ANSWER:  It is up to each PTCO to decide if they want to charter a Boy Scout troop. There are pro’s and con’s to either decision. Please refer to the Boy Scouts section of the PTCO Procedures and Policies Handbook on our website. The requirements for chartering a Boy Scout troop are listed in this section.

 

3.  When do we need to file our tax return and which form do we use?

 

ANSWER:The annual federal tax return is due NO LATER than November 15th each year. If the GROSS income of the PTCO is usually $50,000 or less, a 990-N (e-postcard) is used. If the GROSS income is usually between $50,000 and $200,000, the form 990-EZ and all required schedules is used. If the GROSS income is usually more than $200,000, a Form 990 and all required scheduled is used.

 

4. How should the PTCO be maintaining our financial records?

 

ANSWER:It is a recommendation that the PTCO purchase financial software to maintain their financial records. Quick books and Quicken are two options that are readily available, however each PTCO can decide what works best for their situation. Excel spreadsheets can be used but are a time consuming method to use. Errors can occur more easily when using spreadsheets.

 

5. How many signers should we have on the PTCO bank account?

 

ANSWER:It is recommended that there are at least TWO signers on the PTCO bank account. This serves two purposes: firstly, should one signer unexpectedly be unavailable, the second signer can gain access the PTCO account. Secondly, many PTCO’s have a requirement in their financial policies that checks over a certain amount require two signatures. This is a good safe guard to have in place to help avoid any fraudulent activity on the account.