The Treasurer serves as the custodian of all PAC funds and is responsible for managing financial activity in accordance with the approved budget. This includes disbursing funds, maintaining accurate and timely records of cash inflows and outflows, and providing transparent reporting to PAC members. At each general PAC meeting, the Treasurer is expected to present a financial report, ensuring all members are informed of the organization's financial health.
Gaming Responsibilities
PACs have two key annual deadlines, usually handled by the treasurer but can be done by another executive:
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Gaming Grant Application - Apply between April 1 and June 30 each year.
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Gaming Account Summary Report (GASR) - Within 90 days of the PAC fiscal year end.
Financial Reporting
At regular general meetings, the Treasurer provides an overview of the current bank balances, financial statements for the reporting period, and a year-to-date comparison against the approved budget. At the Annual General Meeting (AGM), a full set of annual financial statements must be presented, along with a year-end comparison to the budget.
Bank Accounts
Gaming and General
PAC bank accounts can be opened at any recognized financial institution. Each PAC must maintain two separate accounts: one general account and one gaming account. A minimum of three authorized signatories is required, with two signatures needed on every cheque. Signatories must not be related to each other. All disbursements must be made via cheque—electronic fund transfers (EFTs) are not permitted on the Gaming Account. Importantly, all gaming revenue and related expenditures must be handled strictly through the gaming account and spent according to the BC Gaming Branch guidelines.
Record Keeping
Income: All incoming funds must be counted by two individuals who are not the Treasurer. Once counted, the Treasurer must deposit the funds promptly.
Disbursements: Before issuing a payment, the Treasurer must confirm that the expense has been pre-approved in the budget. If not, an amendment must be passed by vote at a general meeting. Every cheque issued must be supported by an invoice. Gaming funds must not be transferred to a school or district until the expense has been incurred and properly documented. All cheques require two signatures, and no individual should sign their own reimbursement cheque.
General: Monthly bank reconciliations must be prepared and reviewed by a second individual. Year-end financial statements should also be reviewed by a third party, if necessary. A backup of all electronic financial records must be stored off-site. All financial records must be retained for five years (BC Gaming), six years (CRA), or ten years (BC Societies). Documents older than these limits must be shredded.
Preparing a Budget
The budget should be developed collaboratively between outgoing and incoming executive members. It must reflect the PAC’s priorities and required spending for the year, while also estimating revenue from fundraising efforts. A balanced budget is essential—fundraising should always have a clear purpose.
The proposed budget must be presented and approved by motion at the first general PAC meeting of the school year. Ensure that an additional motion is adopted to authorize the treasurer to spend within the budget limits. For example, "MOTION That we adopt the budget as presented/amended and authorize the treasurer to spend within its limits."
Fraud Prevention
To protect the integrity of PAC finances, duties should be separated wherever possible. Cheques must never be issued without a supporting invoice, and blank cheques should never be pre-signed. Two unrelated individuals from different households must sign every cheque. E-transfers should generally be avoided; if accepted, the account should be set to auto-deposit.
Paper Statements: Bank statements should be mailed to the school—not to any individual’s home—and collected by someone other than the Treasurer.
Electronic Statements: Online banking access should be available to more than just the Treasurer—using a shared PAC email account is a good practice. All signatories should have access to online banking. Bank reconciliations must be reviewed and signed monthly, ideally by the PAC Chair.
Cash should always be counted by two separate people. Funds should not be carried over from year to year unless designated for a specific purpose, such as a future capital purchase like a playground. The budget should be re-balanced annually to ensure financial responsibility.