Every Unit Can Have A Fabulous Financial Review!
Financial Reviews and Financial Review Processes
AIM Insurance requires that all financial reviews be conducted by one of the following methods:
Financial reviews must be conducted in a timely manner (two per year, and any time the bank or check signers change). If your unit needs assistance with getting the financial review completed, please reach out and let us know.
The financial reviewer and financial review committee members cannot be involved with the counting or management of PTA funds, though all members must complete general financial training and positional training annually to ensure that they are familiar with best practice. There are two forms involved in the process:
If your unit receives paper statements, the statement should be mailed to the permanent address for the unit, and it must be opened by a non-check signer - never the Treasurer or the President. It should be the same person each time, and that person should be recorded in the minutes (even if it is the secretary or the financial reviewer). The person will review the statement, and using the most recent Treasurer’s Report, will complete the Five-Minute Financial Review:
Step 1: Look at the checks. Verify:
Step 4: Reconcile the bank statement to the treasurer’s report. Make adjustments for checks that have not cleared and deposits not shown.
Step 5: Contact the treasurer to determine the source of the error(s). Corrections, if required, are included in the next treasurer’s report. Report findings to unit president, treasurer and auditor (if the reviewer isn’t the auditor).
The officer completing the 5 Minute Financial Review will then sign and date the statement and the reconciliation in the top right corner. The handout for the 5 Minute Financial Review is included in the Secretary training guide.
This practice is required by AIM Insurance Services to protect coverage!
If your unit does not receive a mailed statement, statements may be retrieved via online banking. The appointed person may be given “view only” or “authorized inquiry” access by the bank to print the statement and complete the 5 Minute Financial Review.