At the FCCPTA Executive Board meeting last night, the presented budget was discussed and unanimously approved.
The budget includes investments in local units, advocacy and member support. Local unit grants, student scholarships, Reflections Art Program and trainings compile most of the largest budget items.
On the administrative side, due to our all volunteer leadership, our administrative costs are extremely low, particularly for a nonprofit of this size. Administrative costs, including marketing expenses like our website and email newsletter are only 9% of our overall budget.
The budget will now be presented to the FCCPTA general membership for a vote at the quarterly meeting on October 6th.
The Financial Review was also presented by the Financial Review Committee. The committee, consisting of Ann Marie Ward, Jason Morgan and Cheryl Napoli completed their work on July 28, 2021.
Their findings and recommendations include:
•Contact information for the executive board was missing from the Treasurer’s Binder. Include contact information for the FCCPTA Executive Board (Officers, Committee Chairs, etc.) not just local unit officer information.
•Include monthly treasurer reports generated by Money Minder (not just a presentation slide) that show monthly and year-to-date budget information.
•Identify on the budget document that it was adopted and when – the documents all say “Proposed Budget”
•It is unclear who reconciles the account each month – consider a way to identify the person reconciling so that the committee can verify they are a non-signer.
•The recording of the NAACP grants in the annual report is confusing. There is income of $3000 in Receipts and another $3000 of income in Expenditures. There is $4000 of expenses in the Receipts line and $1000 of expenses in the Expenditures line.
•It appears that $1000 (of the $6000) in NAACP grants were not disbursed. Those funds must be disbursed as part of the FY21 budget, should be properly restricted for disbursement in future budgets (if allowed by grantor), or should be returned.
•The online Treasurer’s binder is a great tool. Consider whether additional security is needed for certain documents that contain the bank account number or other sensitive information.
The Financial Review is a crucial component of our work as a 501c3 nonprofit organization, providing a transparent method to review our policies and procedures and areas in need of improvement.
As with the budget, the next step is to ratify this review at the Oct 6th General Membership Meeting.
As always, we thank our ALL VOLUNTEER leadership for their time and expertise to our PTA community in support of our mission.