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PTSO Funds to be Managed by Schools

Article Date: 
11 February, 2011 (All day)

 

The PTSO (Parent Teacher Student Organization) has agreed to have their funds managed by individuals schools, was the report given in the school board meeting on Tuesday.  The funds from the PTSO will be given to the school the group is organized around.  The school will then set up a specific fund for the use of the PTSO.

In the past the PTSO organizations have maintained their own checking accounts.  There were questions as to whether these accounts had sufficient financial controls to stand up to a public audit.  Superintendent Adams recommended that the PTSO either utilize the Morgan Education Foundation or the individual schools to hold the funds and ensure that the procedures used in collection and disbursement where in alignment with accounting standards and would stand up to audit scrutiny.

Two of the PTSO organizations wanted to use the Morgan Education Foundation and two wanted to work directly with the schools.  The superintendent asked the PTSO to pick a consistent method.  The PTSO organizations met and determined to utilize the individual schools.  

The change in this process will provide accounting support for the PTSO and reduce the liability of members who are handling funds.  It also will provide a consistent approach to how money is handled in the four organizations.  The expenditure of these funds will still be under the direction of the PTSO.  These funds will only be used for PTSO programs.