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Audit and Taxes

23 years 7 months ago #94130 by gifford
Replied by gifford on topic RE: Audit and Taxes

Good Morning!--Our school(K-8, 750 kids) is 50-50. Half of our students are from an affluent neighborhood, half from low income, desert areas.
Some even migrant children from Mexico. Our first exciting thing that happened is that the developer from our affluent community decided early on to match what ever we earned. That made us work harder than I would recommend for anyone (but what motivation!)
We officially raised 21,345.00 for the year. Their matching funds brought that close to 42,690.00. That made us able to purchase our playground, and with what was left over we planned to look into shade also. We approached our city council to request 15,000.00 to help us complete the shade part of our project, as it is also available as a city park. That was in March of 2000, and two individual council men told us when the budget was set in July we would have our money, (it had passed in chambers) With that we ordered the shade to be put in in August. The part that shocked us was that when it came down they had written a check for 50,000.00!!!!! Needless to say we were shocked. Right now we have contracted a playground for kinder only that will be in soon. We have set money aside for upkeep and more shades-outside classrooms for the upper grades. I cannot express enough that I give all the credit to God. We went into it with prayer, came together as a board, and amazing things happened. I would recommend to anyone going into PTO to have clear goals, and ask ask ask. Very few people told us no and many bent over backwards to help us. I hope this helps you to think outside the box on fundraising. The community obviously made this happen but it was because we ASKED.
23 years 7 months ago #94129 by rtgill
Replied by rtgill on topic RE: Audit and Taxes
How in the world did you raise $92,000?
23 years 7 months ago #94128 by gifford
Replied by gifford on topic RE: Audit and Taxes
Our by-laws state an audit will happen in the month of July before the books are turned over to the new year. We previously had the principal and an independent community volunteer handle the audit as the PTO generated less than $10,000. Last year we went for an official accountant as we earned $92,000. (yes the playground looks great, shaded and all) I think the books should always have an audit. The amount earned would dictate who did it for us.
23 years 7 months ago #94127 by gtsmom
Replied by gtsmom on topic RE: Audit and Taxes
We have an audit every year. Good thing is that a local accountant does it for $50. His wife was in the PTO 10 years ago or so. He tells us that it's a very easy audit because there are no employees and not that many transactions compared to businesses.
23 years 8 months ago #94126 by Patti
Replied by Patti on topic RE: Audit and Taxes
Hello everyone! Our PTO has not had an audit yet but are looking into it. I was told by someone that it is not necessary but would be good for the group. Just good sense is the answer I guess. This way if anyone has any questions about the money, how it was handled, spent, etc...the auditor can leave a report stating that all was well with the funds. Also, it helps with the IRS. Don't get upset please!! It has been said that when a PTO (other p/t groups) are bringing in a reasonable amount of money they may come in and take a look around. IF!!! this were to happen you would have the audit on hand. It has not happened that often I believe. PTO's can get a tax number therefore, you do not have to pay taxes. We have one and use it at Sam's Club and other places. It really does help. Hope this helps.
23 years 8 months ago #94125 by mommy
Replied by mommy on topic RE: Audit and Taxes
By the way, I agree with you, get a neutral auditor, not someone who may feel they have something to prove.
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