Friday, January 28, 2011

Can we have one person do a mid-year review?

Can our PTA do a mid-year review by having one person verify the books since it’s just mid-year?   Of course at the end of the fiscal year in June we’ll have a three person Financial Review Committee do the formal end-of-year review. 

The need to conduct a Financial Review can occur at any time—for example, if there’s a change of treasurer, or a question arises during the year.  Thus the best practice is to have a Financial Review Committee appointed to serve through the year, and have that committee conduct a full financial review mid-year.  Having one person review the books isn’t as effective as a full blown Financial Review.  More information on conducting a Financial Review is in the Money Matters section of the Leadership Packet you received last fall.

Saturday, January 22, 2011

Sales Tax For Re-Sell

I attended a PTA & the Law workshop and learned that PTAs  do not have to pay sales tax on items that they purchase to resell.   Earlier this year we held a spirit wear sale at our school, and paid sales tax when we purchased the items we sold.  Is there any way to get a refund on the sales tax?

Yes.  You can apply to the Department of Revenue for a refund of tax paid on items that were resold, by completing the application and  sending it to the Department.  If your PTA wants to avoid paying sales tax  on items for resale in the future, you should apply for a Reseller’s Permit, which you can do either online or via a paper application.