Taking Credit Cards with your PTA
Many PTAs are asking if they can take credit cards for membership and for fundraising items. Utah PTA requires the following guidelines to be met:
1. Check with your Region Director to find out if your school district has a policy for or against PTAs using credit cards in their school. We must always follow district guidelines as we are guests in their schools.
2. Local PTAs should NOT start accepting credit cards unless there are at least three check signers and Utah PTA strongly suggest that they are bonded board members. (Bonding can be purchased for around $90.00 a year and will cover any board member who touches money, up to $10,000 through AIM Insurance, a Sponsor of Utah PTA) There are also other Insurance companies that offer the same services.
3. Local PTAs must be following proper procedures as a board with the following:
a. Holding monthly board meetings
b. Giving a verbal treasurer's report at each board meeting
c. Monthly reconciliation of bank statements
d. Minutes taken at every board meeting and printed out for the next meeting
e. Follow all financial guidelines in the Treasurer's Handbook must be adhered to
IF all of these guidelines are met, then the individual boards can start exploring the use of accepting credit cards for membership or fundraising purposes. It must be made as a motion at a board meeting where a quorum is present, it must be voted on and it must be recorded in the minutes.
Procedure for Accepting Credit Cards
1. Make sure your PTA is bonded. This is an extra insurance charge. Most are around $100.00.
2. Have all Internal Controls in place as mention in the Treasurer Handbook.
3. Open an email account only used for the PTA (sunshinepta@....com) Give access to all executive members to check the email account at all times.
4. Open the account with the Credit Card Company (ie: Square, PayPal, intuit, etc.)
a. Use the email that you opened for the PTA for this account.
5. Individual line item on your budget showing the Credit Card Company. This will be used for Incoming funds and a line for expenses.
6. Have a non-signing board member reconcile the account first, then the President, then the Treasurer.
7. Show in EVERY BOARD MEETING a treasurer report just for this account.