Financial Procedures for the Internet

Fundraising: A fundraiser that uses the Internet for order or sales of product where PTA will receive a percentage of the sales needs the same approvals that all fundraisers require. See Standards for Fundraising.

Online payment collection systems (i.e., PayPal, Square, merchant account) are an approved method of collecting revenue. No expenses may be paid from this type of account. A separate bank account (with account signers as listed in the minutes) is recommended but not required to restrict Internet access into the general checking account. Use of this account should be limited to online payment collections and online payment of expenses. An “authorization to transfer funds” form must be used to transfer funds from the Internet account into the general checking account. All revenue must be accounted for and reported in the monthly treasurers reports. This account requires a separate semiannual audit.

Cyber Liability Insurance Coverage is recommended to protect against possible losses due to the use of online payment collection systems.

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