Financial Forms

 

Please see financial forms below. To request a PTO cash box please email the treasurer at treasurer@highcrestpto.org.

 

 

IRS Form W-9

HMS PTO Deposit Form (2023-2024)

HMS PTO Expense Voucher

HMS PTO Cash Box Request

HMS PTO Sales Tax Exempt Certificate

 

Financial PolicieS

 

The Highcrest Middle School Parent Teacher Organization (PTO) is incorporated within the State of Illinois as a not-for-profit group, organized for charitable and educational purposes, to benefit the children of Highcrest Middle School. As such, and to ensure compliance with the Internal Revenue Code regulations which govern our 501(c)(3) not-for-profit status, all activities of the PTO must adhere to the following general financial policies:

 

BUDGET

 

  • The PTO expense budget solely provides for expenses incurred in providing PTO- sponsored programs and supporting other activities which are in furtherance of the PTO’s objectives as set out in Article II, Sections 1 and 2 of the PTO Bylaws.

  • Each General Board Committee will submit to their Executive Board member a detailed line-item budget for the coming school year, for approval at the May Executive Board meeting.  Once approved, the budget will be posted on the PTO website for 30 days.

  • General Board Committee members should adhere to their budgets. If projected expenses will exceed the budget, approval for additional funds must come from the Executive Board

  • All gifts/donations from the PTO or its representatives must be budgeted or approved in advance by the Executive Board. PTO funds are not intended to be used for gifts or parties for volunteers.

  • The Treasurer’s budget must cover the cost of a financial audit for each year in which the State of Illinois deems such audit necessary. The Treasurer’s budget must also cover the preparation of all local, state and federal tax filings and registrations, 1099 preparations, and any insurance required per the Bylaws.

 

EXPENSE REIMBURSEMENT

 

  • The State of Illinois tax exemption letter should be presented to merchants at the time of purchase so that tax will not be charged. The PTO will not reimburse sales tax on PTO purchases.

  • All expenses should be submitted in a timely manner to the Treasurer, accompanied by a completed voucher, appropriate approvals, along with applicable receipts or contracts. 

  • General Board Committee members should ensure all requests for reimbursement are submitted prior to the end of the fiscal year.

  • Expenses cannot be reimbursed using monies in the cash box from PTO events.  

  • All checks totaling $3,000 or more must be co-signed by two Executive Board Members with check signing authority (President, Treasurer, Assistant Treasurer). 

 

OTHER TRANSACTIONS

 

  • The Treasurer or Assistant Treasurer will issue refunds for clubs, events, yearbooks and other purchases made through Membership Toolkit at the discretion of the specified General Board Committee member.

  • Any cash requests will be counted/reconciled and amounts signed off on by the requester in the presence of the Treasurer or Assistant Treasurer at the time of transfer to requester.

  • Any requests for cash deposits will be counted/reconciled and amounts signed off on by the Treasurer or Assistant Treasurer in the presence of requester prior to depositing.

 

STIPENDS/SERVICES

 

  • All individuals who perform services for the Highcrest PTO must complete a Form W-9 prior to receiving their first payment. The individual performing the service(s) should complete Form W-9 and return it directly to their General Board Committee Member who will remit the completed form to the Highcrest PTO Treasurer for processing.

 

FINANCIAL REPORTING/AUDITING

 

  • The Treasurer will maintain all accounting records in the Membership Toolkit Accounting System and corresponding documentation (receipts, cash request forms, bank statements, etc.) in the Membership Toolkit Filing Cabinet.

  • The Treasurer will reconcile the books on a monthly basis and prepare a Financial Summary to be shared with the Executive Board at the monthly Board meeting.

  • An Executive Board member who does not have check-signing authority will review and sign off on the monthly bank statements.

  • An annual audit/review of the books will be conducted by an audit/review committee made up of members who do not have check signing authority or an outside qualified accountant.

 

Revised 4/8/24