According to the TEPSA Bylaws, the Treasurer is responsible for receiving and disbursing all monies of the association and submitting books to an audit/financial review committee for audit/review by August 1. A report of the audit/review is presented to the next Region Executive Committee meeting and to the membership at a region meeting.
The Treasurer should not be the authorized signatory on any region checking, savings or investment accounts. The President and another officer within close geographic proximity should be the authorized signatories.
TEPSA regions receive a rebate of $4 for each paid Basic, Comprehensive and TEPSA/NAESP membership. Membership rebates will be direct deposited via an ACH only. Each region is required to submit an ACH form with voided check by September 1. Rebates will be issued in January and June. Please notify Trae ASAP when any banking changes are made.
Recommended Bookkeeping Procedures
- Requirement of two signatures for any check over the amount of $2500.
- Monthly reconciliation of the bank statement by reviewing debits/checks and deposits.
- Annual audit/review of any region accounts by audit/review committee. See more information below.
- Partner donations used for scholarships or cash prizes must be less that $600.
Annual Audit
The annual audit/financial review of each region’s bank account(s) should be conducted in accordance with the following guidelines:
- Form a committee (at least two people) neither of whom can sign on the region’s bank account or authorize expenditures. This committee should have reasonably little personal connection to the Treasurer or anyone authorized on the region’s bank account.
- The committee should review the monthly bank statements and ensure there is adequate documentation for each deposit and expenditure. Any transactions without proper documentation should be noted.
- The committee should also review each expenditure to ensure it was duly authorized and had the appropriate signatures. Any expenditure without proper authorization/signatures should be noted.
- Upon conclusion of the review, the committee should issue a statement verifying the review has been completed and stating the balance in the account as of the review date. This statement should be maintained with the bank records.
Region Fiscal Responsibility
TEPSA regions are responsible for:
- Operating expenses for region events to include promotion/marketing, speakers, meals/snacks and door prizes
- Any scholarships to TEPSA events awarded to members
- Any TEPSA merchandise given as door prizes
Other Ways that Regions Use Funds
- Speakers at region meetings
- Scholarships to TEPSA events
- Tuition reimbursement for aspiring administrators
- Door prizes for region meetings
- Meals/Refreshments at region meetings
TEPSA Authorized Reimbursement Schedule is available to answer questions regarding association policy.
