![]() Bank statements and reconciliation reports-including June 30, if at all possible.Year-end financial statement and monthly treasurer’s reports.The following items are needed to conduct the audit: ![]() Once the financial records are put in order–including the preparation of a Year-end Financial Statement–the treasurer shall deliver them to the AFR Committee. By way of summary, no transactions should occur between the time the books are closed for AFR, which will be no later than June 30, and the time the incoming treasurer begins transactions, which will be no earlier than July 1. Outstanding bills are common and can be paid by the incoming treasurer on or after July 1. In no case should the outgoing treasurer make deposits or write checks after June 30! Once the books are closed for the AFR, the outgoing treasurer may not complete additional transactions. Those on a year-round calendar will have more difficulty, but adequate planning can minimize the number of “last minute” transactions. For local PTAs on a traditional calendar, this should be fairly easy. ![]() The outgoing treasurer should strive to have all transactions completed as early in June as possible.
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