PTA Constitution: The Financial Administration of the Association

Bank Account:
  1. A bank account shall be opened / maintained in the name of "St Patrick's National School Parent Teacher Association".
  2. All financial transactions shall be conducted through this bank account.
  3. A separate deposit account/s may be held in the name of the association but only by the approval of the PTA committee.
  4. Any combination of any two of the following signatures must be on each cheque issued, the Chairperson, the Principal, the Honorary Treasurer or the Honorary Secretary.
  5. The bank account signing mandate shall be updated on an annual basis.
Auditor:
  1. Audited accounts shall be submitted to the Annual General Meeting.
  2. An independent auditor shall be appointed annually at the AGM.
  3. The auditor may not be a person holding voting rights on the PTA committee but may be a member of the PTA association. The auditor does not have to be a member of the association.
Financial Practice and Administration:
  1. All account payments must be approved at committee level.
  2. The incoming PTA committee will be given the power to administer the allocation of monies based on the funds raised by the previous year's PTA.
  3. The PTA committee shall make all reasonable efforts in fundraising to ensure that they pass on to the following year's PTA committee a fund similar to, or greater than, than the amount stated in the PTA published audited accounts of the previous year.
Financial Administration if PTA is Dissolved:
  1. In the event of dissolution of the association, control of all financial resources / assets shall pass immediately to the Board of Management and shall be disposed of at the sole discretion of the board. (Reference general matters of the association / dissolution 6.5).