We don't have surety bonds or embezzelment insurance (if there is such a thing). We have tried to keep the books open and it hasn't come up.
What kind of relationship do you have with the district? If you are an independent organization from the school/district, I would NOT take up teh offer to park the PTO funds under the district account. Technically, that means they own it and can use it however they want to. However, if you are considered a part of the school system, then their offer might be attractive.
We have a yearly audit of the books done by someone not on the Exec Bd. Basically, they make sure the books balance and sign a statement to that effect.
I have a few questions related to the Treasurer position and handling of funds.
First off, do any/all of you have some sort of surety bond to cover your assets, in the event of officer misuse or theft of funds? How do you all handle this?
Second, our school district has offered to hold our money in the district account, so as to avoid both the audit function and the bond coverage, as both would be covered under the district umbrella. Does anyone have this arrangement in their district?
Lastly, what kind of audits do you all perform on your books, and how often?
