Personal Property Return 2013, Have You Received Yours?
And did you remember to submit a copy of the Personal Property Return to Maryland PTA?
Personal Property Report
If your local has not filed their Personal Property Return, the April 15 deadline has passed. This does not mean that you don’t have to file. Though you will probably incur some late fees, there is still time.
If you did not receive this form, please visit the website www.dat.state.md.us to check your status. Click on Business Data Search and then Business Entity Information to view your general information, personal property filings and your status. Please keep in mind that a $25.00 a month late fee will be assessed if you failed to file.
You don’t want to lose your incorporation status and have to pay another $100 to get it reinstated. If you have lost your incorporation status, you are putting your local in direct jeopardy. If you find that your status has been forfeited, please contact the Maryland PTA office at 410-760-6221 to ask for a Revival Packet. Do not use the form found on the Department of Assessments and Taxation website, as Maryland PTA has a very specific form for our chartered locals. If you require assistance in filling out any of these forms, you can contact the office via the above phone number or by e-mail at email@example.com.
Have you heard the latest!! HB232 has passed both houses and at the time of this writing, it is awaiting the governor’s signature!
What does this mean to you? Effective July 1, 2013, the PTAs in the state will no longer be responsible for collecting and remitting sales tax on items they sell. If this bill is signed into law by the governor, on your last sales and use tax report, you must indicate that this is you final payment.
Now would be a good time to take another look at the budget to determine if there is a need for any amendments that could be taken care of at your last general membership meeting.
Financial Review Preparations and Procedure
According to Maryland PTA bylaws, each constituent association shall submit “a copy of its annual financial review to Maryland PTA within one hundred twenty days (120) following the end of the local’s fiscal year.” It is not too early to be thinking about who will be performing your financial review for 2012/2013. Are you willing to pay someone or a company to perform the review? Many local units choose to use and independent auditor for their review. Or is it going to be done by a committee? Please check your bylaws to determine the make-up of the review committee. It is the treasurer’s responsibility to forward all pertinent information to the financial review committee or auditor so that the review may be performed in a timely manner. Check Cash Encounters for additional information. And remember to present the financial review report to the board of directors at the first appropriate meeting and then to the General Membership for approval. If you have not submitted your review for 2011-2012 please do so immediately.
In preparing for the audit make sure:
- all accounts balance
- all bank statements are reconciled,
- all vouchers and checks are in order, and
- a copy of the current budget, all treasurer’s reports and copies of the minutes are included.