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:
  • An elected financial reviewer with a financial review committee appointed by the Executive Board (wherein no member is related to the others by blood, marriage, or living in the same household)
  • A qualified auditor (meaning a licensed CPA or someone who has been trained to conduct audits professionally),
  • An appointed financial review committee of two or more, or
  • A paid professional CPA or Auditor.
 
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:
  • The Financial Review Checklist is a step-by-step checklist of all documentation and records required for the Treasurer’s Books. Both the treasurer and the Financial Review Committee should use the checklist to ensure compliance.  Every "no" checked should be documented as a recommendation and attached to the final report. 

  • The Financial Review Report includes the findings of the Financial Review Committee (including all recommendations) and must be adopted by both Executive Board and General Association. Copies of adopted financial reviews should be uploaded to MyPTEZ or forwarded through channels.

Bank Statements

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:
  • Two signatures on every check
  • Payee, amount and date match the treasurer’s report
  • Purpose of payment is included in the check’s note section
Step 2: Look at the deposits. Verify:
  • Date and amount match the treasurer’s report
  • Deposits have been timely
Step 3: Ensure no online payments or withdrawals were been made using a debit/ATM card.
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. 
New Tool:
Financial Review Report and Worksheet - SAMPLE

New Tool:
Financial Review Report and Worksheet Spreadsheet - FOR Financial Review USE
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