Fundraising Inventory Management

Many PTAs fundraise by ordering a product from a specific vendor. When the product arrives at a school site, the PTA must maintain product inventory. The PTA executive board must ensure that inventory records are maintained and recorded following all PTA financial procedures. PTA membership approval is needed for each fundraiser before ordering product. Any agreement between the PTA and vendor is a contract that must be honored. Carefully document items ordered. Treat inventory like cash. Just like a cash verification form, have two people count product items upon receipt, reconcile against the order form, packing slip and invoice, and sign an inventory summary sheet. If there is a discrepancy, contact the vendor immediately. Pay all invoices promptly. Inventory should be stored in a secure lockable location. Track all sales in detail. Document when items sold are picked up or delivered to customers. If a customer complains, handle it promptly and refund monies if necessary. Periodically count inventory to ensure accuracy. Retain all records for auditor. Write a committee report at the end of the fundraiser documenting the details of the fundraiser. Contact the district PTA immediately if there are any problems.

The standard PTA insurance does not generally cover losses to stored inventory in case of damage. You should consult AIM, the California state insurance broker, if you think you will need additional coverage for property storage.

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