Our District requires us to give them all of this at the end of every year. I don't know how common it is, but I think it's a way for them to verify nothing illegal is going on

Our district office wants all our information. List of officers, bylaws, Tax I.D. #, list of activities, And the big one; our bank account.
I have been with our PTO for 4 years and this is a new "law" our district is enacting. My question, is this common with other school districts? I hate giving bank information to anyone.
I'm thinking the worst and I think the district wants to control or have a say with our PTO's money.
But that's just me being paranoid.
Thanks
Mike