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.