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record keeping

4 years 10 months ago #172146 by ANT
record keeping was created by ANT
What are (if any) penalties if the PTO does not keep any records or just a yearly finance record?

thank you
4 years 10 months ago #172150 by gjcoram
Replied by gjcoram on topic record keeping
The IRS has a fine of something like $10/day for late filing of your 990 or 990EZ.
4 years 10 months ago - 4 years 10 months ago #172172 by ANT
Replied by ANT on topic record keeping
The PTO I am on, is very lazed and does not want to keep any meeting minutes or another paperwork - they feel bylaws only constrict you, so they are not followed. The only thing they keep is the bare minimum for taxes.
Can there be back lash if something goes wrong? or if parents want to know what their money is being used for?
The IRS recommend or require the meeting minutes to be save as part of the finance record?

Is this operating procedure something that is concerning to anyone or do they see it as a red flag?

ANT
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