Savings Account

A savings account may be opened in the name of the PTA, to earn interest on funds not currently needed, by vote of the executive board and recorded in the executive board minutes. For protection, make a motion to deposit or transfer funds from the checking account to the savings account.

The earning of interest does not jeopardize the PTA’s tax-exempt status. Earned interest becomes part of gross income. Include the amount of funds in the savings account and any activity for the period in each treasurer’s report.

Invested funds should be in a federally-guaranteed and insured account.

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