Sample Financial Controls Worksheet

At a minimum, school leaders should be aware of, and promote the use of, the following best practices for any school fundraising groups.

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What have I gotten myself into now? Help for the new booster club treasurer.

Parent Booster USA

May 07, 2021

Hi! I just took over as our Treasurer and, just wondering – What have I gotten myself into now? I had no idea that I needed to ... [Check one or more that apply!]

file a 990-series tax return
get a license for our raffle
send in an annual report
avoid giving an individual credit to students who fundraise
update our bylaws...

It takes a lot to run a Booster Club

Does this sound familiar? Have you stepped into a new treasurer role with little or no direction on how to proceed? Then this blog is for you! As you know, volunteering as the treasurer brings so many rewards...and, to be honest, some headaches. As a leader in your club, you need to know how your group is organized and how it has been operating. Here are some questions to ask:

What is your Employer Identification Number (EIN) or Tax Identification Number (TIN)?
Are you incorporated? If so, what are your state’s requirements for being incorporated? Some states require an annual corporate report. If yours does, has it been filed?
Are you a 501(c)(3) tax-exempt organization?
If you are tax-exempt, have you filed your required IRS Form 990 tax return for your last fiscal year? All nonprofits must file federal tax returns. If you are not, have you filed a business tax return, IRS Form 1120? If you are not exempt from paying federal tax on the money you raise, you must submit the business return and pay tax on that money.

Not Everyone is an expert

You can’t know what you don’t know. You’re already juggling your fundraisers, donations, managing money, volunteers and their schedules, coordinating with the school, and, oh yeah, cheering on your child as they participate in their activity or sport. Then to discover there’s more to know – it can be overwhelming.

The good news: There are resources available to you to help you navigate these choppy waters. To begin, check out our checklist for smooth officer transitions! The very foundation on which your club sits is making sure you’re compliant with federal and state regulations. Failure to do so results in revocation, dissolution, or hefty penalties or fines for reinstatement (not to mention more paperwork and headaches!). If you didn’t get a proper transition from the previous treasurer, this checklist will help fill in the gaps for what you’re now responsible for knowing.

If you want even more help and resources beyond our website, become a Parent Booster USA member and we will handle the paperwork and registrations for you. You focus on your mission, we focus on your paperwork!

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Sample Financial Controls Worksheet

What have I gotten myself into now? Help for the new booster club treasurer.

Parent Booster USA

It takes a lot to run a Booster Club

Not Everyone is an expert

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