The treasurer's report is neither accepted nor rejected. The report is placed on file for audit. No action is taken because the membership hearing a report does not have sufficient information to know whether figures presented are correct. Following an audit, the report that the books are found in order will be accepted. It is fiscally responsible for PTA units to place money in interest bearing savings accounts or certificates of deposit.
Interest earned from savings interest can help provide additional services for students.
The bylaws of a local unit or council should be very specific regarding when and how an audit is conducted. The audit of a treasurer's books in no way infers the treasurer is dishonest. An audit is to protect both the treasurer and the membership. If the checkbook allows, all checks returned from the bank can be taped back with their respective stubs. Auditors will need the most current statement, treasurer's record book, copies of financial statements, receipts issued by the treasurer, receipts for expenditures and any other information pertinent to the financial status.