CHERRY CREEK SCHOOL DISTRICT PARENT-TEACHER COMMUNITY COUNCIL, INC.
Aspen Crossing Elementary PTO/PTCO BY-LAWS
ARTICLE I
NAME*
The name of the organization shall be the Cherry Creek School District Parent Teacher Community Council, Inc. Aspen Crossing Elementary PTCO, hereafter known as the PTCO.
ARTICLE II
PURPOSE*
1. The purpose of the PTCO shall be to assist in attaining the highest level of education and welfare for the entire student body of Aspen Crossing Elementary through the cooperative efforts of the Faculty and Staff, the Cherry Creek District community and the Parents.
2. This PTCO is a subordinate organization of and is organized under authority granted by the Cherry Creek School District Parent Teacher Community Council, Inc., otherwise known as CCSD Parents’ Council.
3. This PTCO is organized solely for charitable, scientific, literary, or educational purposes as defined in Section 501(c)(3) of the Internal Revenue Code. This organization is not a private foundation.
4. The PTCO Executive Board and Board of Directors are comprised of general and associate membership, and parents or guardians who serve the Aspen Crossing Elementary community.
ARTICLE III
MEMBERSHIP
1. EXECUTIVE BOARD - The Board shall consist of the elected officers of the board listed under Article IV.
2. GENERAL – General membership shall consist of the parents or guardians of students, the administrators, the faculty, and the staff of Aspen Crossing Elementary School.
3. ASSOCIATE – Associate membership shall consist of the students of Aspen Crossing Elementary School and interested members of the community.
ARTICLE IV
ELECTED OFFICERS AND THEIR DUTIES
President/Co-Presidents
1. To call and preside at all meetings of the organization.
2. Serve as the primary contact for the principal.
3. To be a member ex-officio of all committees, except the nominating committee.
4. To work with the Executive Board to appoint chairpersons of Standing and Special Committees, the Nominating Committee, and representatives.
5. To attend CCSD Parents’ Council general meetings or assign a representative (Parents’ Council Representative or Representatives).
6. To sign checks in the absence of the Treasurer.
7. Review monthly financial statements with the Treasurer.
8. To appoint an examiner not on the current Executive Board to conduct the year-end financial examination of the organization’s book. Submit a copy of the examination to the Treasurer of the CCSD Parents’ Council no later than 30 (thirty) days after completion. *
9. To submit an annual affiliation letter to the CCSD Parents’ Council asking to continue as a subordinate organization under the 501(c)(3) tax-exempt group status. *
10. To attend a minimum of one CCSD Parents’ Council Training upon election.*
11. To the best of your ability, attend District functions where individuals from your school are invited and/or honored.
Secretary/Secretaries
1. To record, transcribe and distribute the minutes of all PTO/PTCO and Executive Board meetings.*
2. To maintain and keep current a copy of the Bylaws.*
3. To handle all incoming and outgoing correspondence as needed by the PTO/PTCO.
4. To maintain a current listing of the Executive Board and the Committee Chairpersons.
5. To provide a copy of the Executive Board listing, including contact information (Name, Address, Phone, and E-Mail Address of each) to the CCSD Parents’ Council upon election. *
Treasurer/Treasurers
1. To receive, deposit, and disburse the funds of the organization, as authorized by the
Executive Board.
2. To maintain accurate records of all financial transactions. *
3. To submit monthly financial statements to the Board.
4. To submit financial records for examination by July 15 to the Executive Board (review to
be completed by August 15).*
5. To sign the Affiliation Letter for CCSD Parents’ Council along with the President.*
6. To prepare the Annual Budget in conjunction with the Budget Committee for approval by
the Executive Board and ratification by the General Membership. *
7. To submit a copy of the Annual Budget to the Treasurer of the CCSD Parents’ Council
upon formal approval by the PTO membership. *
8. To attend a minimum of one CCSD Parents’ Council Training upon election. *
9. To maintain and reconcile the organization’s checkbook with bank records.
10. To register the organization as a Charitable Organization in the State of Colorado with
the Secretary of State. *
11. To file all annual financial statements/tax returns and schedules, regardless of income,
with the Internal Revenue Service and the Colorado Secretary of State. *
12. To send copies of each filing to the Treasurer of the CCSD Parents’ Council no later than
30 (thirty) days after such filing. *
Communications Officer
1. Shall be responsible for any communications from the PTCO to the community and
staff, including the monthly newsletter, social media, emails, and written correspondence
to include but not limited information on upcoming meetings, events, and fundraisers.
2. Shall aid in creating and distributing any flyers that will go out to the community.
3. Shall ensure our community is fully informed to the best of his/her ability and in a timely
manner.
Community Events Officer
1. Oversee and arrange all school spirit nights
2. Manage and run all Bingo nights
3. Oversee and coordinate with vendors for school supply kits and spirit wear
ARTICLE V
ELECTION OF OFFICERS
1. The Nominating Committee shall consist of the Principal, two Board members, and two General members.
2. The members of the Nominating Committee shall elect the Chairperson of the committee.
3. The Nominating Committee shall nominate a candidate for each elected office. The slate
of candidates for each office shall be presented at least 2 weeks prior to voting.
4. The election shall take place in the spring of each school year.
5. Nominations shall be accepted from the floor at a general meeting on the condition that the nominee consents.
6. Election shall be by voice vote if there is only one nominee for an office. If more than one candidate is nominated for office, the election shall be by a plurality of those present and vote via written or electronic vote.
7. The term of the office for all members of the Executive Board shall be for two years from July 1st to June 30th.
8. No officer shall be eligible to serve in the same office for more than two consecutive years unless agreed upon by a quorum (half the number of board members plus one constitutes a quorum).
9. Should a vacancy occur in the permanent absence of the President, the Vice President shall become President. If there is no Vice President, the Executive Board must select a current Board member to fill the vacancy. In the event a vacancy should occur among the elected officers, the President(s) will call a meeting of the Executive Board within 30 (thirty) days to appoint a new officer to finish the unexpired term. A letter of resignation is requested upon vacating a current position.
10. Officers can be removed from office with cause by a two-thirds vote of those present at a regular meeting where previous notice has been given within two weeks' notice.
ARTICLE VI
BOARD COMPOSITION
1. The Board of Directors (Executive Board) shall consist of a minimum of four (4) elected members: President; Secretary; Treasurer; and Aspen Crossing Administrator.
a. Other positions of the Executive Board may include, but are not limited to: Vice President, Communications, and Events.
b. New positions may be designated by a majority vote of the Executive Board in office whenever, in its judgment, the best interests of Parents’ Council would be served thereby.
c. Each position may have up to two (2) co-officers.
d. All positions, including co-positions, shall have their own voting privileges
2. The duties of the Executive Board shall be to transact business between meetings in preparation for the general meeting, create standing rules and policies, create standing and temporary committees, prepare and submit a budget to the membership, approve routine bills, and prepare reports and recommendations to the membership.
ARTICLE VII
MEETINGS
1. Regular meetings of the membership shall be held during the school year. The meeting dates for the entire year should be advertised before the beginning of the school year, but no less than 30 days prior to the meeting, through print and electronic means available to the organization.* This does not include election of officers. (see Article V)
2. Meetings shall be open to all members of the organization and interested community members.*
3. The Executive Board shall hold a regularly monthly meeting in addition to the regular general meeting.
4. Special meetings of the Executive or General Board may be called by the President(s) or the Principal with a five-day notice, through print and electronic means available to the organization.*
5. A joint meeting of the outgoing and incoming Boards shall be held at the last regular meeting of each school year.
6. Members of the Board shall attend all regularly scheduled meetings during the year and may not be absent from more than three meetings. Failure to comply may constitute a vacancy. Exceptions to this policy may be appealed to the Executive Board.
7. Minutes shall be kept at all general membership meetings.
ARTICLE VIII
OPERATING PRINCIPLES*
The following are the operating principles to be followed by this PTCO, as required by the Cherry Creek School District Parent Teacher Community Council, Inc. (CCSD Parents’ Council).
1. The organization shall not engage in or endorse any commercial activities. This does not, however, prevent the organization from carrying on fundraising activities related to its purpose. Nor does it prevent a commercial enterprise from sponsoring an activity related to the organization’s purpose.
2. TITLE 26, SECTION 4911 of the IRS Code
A Parent Teacher 501(c)(3) Tax-Exempt Organization is allowed:
● To participate in political activities and support or influence legislation, such as a school budget issue or a referendum.
● To participate in activities to influence legislation that may be considered as directly connected to the “survival” of the organization, such as a referendum supporting education.
● To have a speaker come and present information for or against the proposed legislation.
A Parent Teacher 501(c)(3) Tax-Exempt Organization is not allowed:
● To expend monies to have a candidate running for election as a speaker at a meeting, or to endorse a political candidate.
● To expend a “substantial” amount of their funds on activities to influence legislation. A conservative rule of thumb is that the PTCO spends no more than five percent (5%) of its annual expenditures in support of election activities.
3. No part of the net earnings of the organization shall inure to the benefit of its members, directors, officers, or other private persons. The organization may carry on only those activities permitted under the Internal Revenue Code, Section 501(c)(3).
4. Upon the dissolution of this organization and after paying for the debts of the organization, the remaining assets shall be distributed to one or more non-profit organizations, which are tax-exempt under Section 501(c)(3) of the Internal Revenue Code.
Financial Policies
Please see the attached Financial Policies for detailed information on the PTCO’s cash, debit card, and check policies.
ARTICLE IX
AFFILIATION WITH CCSD PARENTS’ COUNCIL (CHERRY CREEK SCHOOL DISTRICT
PARENT TEACHER COMMUNITY COUNCIL, INC.)*
1. This organization is structured under the authority of the Cherry Creek School District Parent Teacher Community Council, Inc. (CCSD Parents’ Council) and is chartered as a subordinate organization in accordance with the rules prescribed by the CCSD Parents’ Council.
2. An annual Affiliation Letter shall be signed by the President and Treasurer of the PTCO to the CCSD Parents’ Council President affirming their continuation as a subordinate organization under the CCSD Parents’ Council Tax Exempt 501(c)(3) status with the Internal Revenue Service. A copy of the document with the original or facsimile signature shall be provided to the CCSD Parents’ Council. (A signature received via a FAX or electronic document is deemed acceptable.)
3. The membership fee required by the CCSD Parents’ Council shall be an obligation of this organization.
4. A copy of the bylaws, including certain provisions required by the CCSD Parents’ Council, shall be forwarded to the CCSD Parents’ Council Treasurer upon adoption. Further, when amendments are made to the Bylaws, a copy of the amended Bylaws shall be submitted to the CCSD Parents’ Council Treasurer.
5. Copies of all annually required financial filings to the Internal Revenue Service and the Secretary of State (State of Colorado) shall be submitted to the Treasurer of the CCSD Parents’ Council within 30 days of filing.
6. Permanent books and records shall be maintained with sufficient detail to adequately reflect all sources of income and nature of expenditures. Such books and records will be made available for inspection, at reasonable times, upon request of an authorized representative of the CCSD Parents’ Council.
7. The President of this organization shall be a member of the CCSD Parents’ Council. If the President(s) are unable to attend regular Parents’ Council meetings, it is recommended that one or more Parents’ Council representatives be assigned to attend and report during regular PTCO meetings.
8. As a subordinate organization of the CCSD Parents’ Council, this group is obligated to operate in accordance with provisions required by the CCSD Parents’ Council and the Operating Principles outlined in these Bylaws, and is subject to investigation, mediation and decisions of the Parents’ Council Executive Board, as deemed necessary to uphold the Purpose of this organization and protect its tax status. Failure to comply with these provisions could result in withdrawal by the CCSD Parents’ Council of the charter of this
organization and removal of all affiliate benefits.
ARTICLE X
FISCAL YEAR*
The fiscal year shall begin on July 1st and end on June 30th of the following year.
ARTICLE XI
QUORUM, VOTER ELIGIBILITY AND VOTING
The General Membership and Board Members and associate members present at any meeting shall be entitled to vote for the purpose of transacting the business of the organization. All eligible voters at a meeting shall constitute a quorum. Unless otherwise required in the Bylaws, a majority vote shall decide all matters at the meeting. The President shall vote only in the event of a tie vote.
Voting at Executive Board meetings is restricted to Executive Board members and the Principal of the school (or Assistant to the Principal if the Principal cannot be present). Half the number of voting members present plus one at any Executive Board meeting constitutes a quorum.
Unless otherwise required in the Bylaws, a majority vote shall decide all matters at an Executive
Board meeting.
Grant requests
● Refer to the Financial Policy on how grant requests are handled.
Conflict of Interest
● The purpose of the conflict of interest policy is to protect this tax-exempt organization’s interest when it is contemplating entering into a transaction or arrangement that might benefit the private interest of an officer or director of the organization or might result in a possible excess benefit transaction. This policy is intended to supplement, but not replace any applicable state and federal laws governing conflict of interest applicable to nonprofit and charitable organizations. Whenever a member or officer has a financial or personal interest in any matter coming before the Executive Board or general board, the affected person shall a) fully disclose the nature of the interest and b) withdraw from discussion, lobbying, and voting on the matter. Any transaction or vote involving a potential conflict of interest shall be approved only when a majority of disinterested members determine that it is in the best interest of the organization to do so. The minutes of meetings at which such votes are taken shall record such disclosure, abstention, and rationale for approval.*
Voting by Electronic Communication
1. The Executive Board may take action, without a meeting, by electronic communication if action is required before the next scheduled meeting. A notice stating the action to be taken and the time by which a response is required must be included in the electronic communication to each member of the Board.
2. The board member may vote or demand action not be taken without a meeting by the required response date in like communication.
3. Failure to respond by the time stated in the notice will have the same effect as abstaining from voting.
4. The action passes with affirmative vote from the simple majority of the Executive Board.
5. The action must be ratified at the next scheduled meeting and documented in the minutes.
ARTICLE XII
EQUITY/DIVERSITY STATEMENT*
1. The officers, directors, committee members and other persons serving this organization shall be selected entirely on a nondiscriminatory basis with respect to age, sex, race, religion, national origin and sexual orientation.
2. In alignment with the Cherry Creek School District Core Values, the Cherry Creek School District PTO/PTCOs seek to further its commitment to diversity, equity, and inclusion, including diversity on the basis of race, color, ancestry, creed, sex, gender, sexual orientation, religion, national origin, marital status, age, disability or need for special education services, ability and neurodiversity. Through our actions and accountability, we will work to both respect these differences and acknowledge commonalities that unite our community. From this knowledge we will develop meaningful priorities, including but not limited to the following:
2.1. Assessing our beliefs and practices on a consistent basis to ensure inclusiveness and guard against discrimination;
2.2.Being inclusive through membership, leadership, programs, partnerships, and communications and in so doing to mirror the diversity of our community.
2.3.Communicating with families in our community in languages which they understand;
2.4.Proactively engaging a diverse range of voices from members and prospective members, while acknowledging and appreciating individual ideas, knowledge and values that are different from our own;
2.5.Working to eliminate practices that promote inequality or inequity;
2.6.Engaging in good faith efforts to increase purchases from and contract awards to Historically Underutilized Businesses, as that term is defined by Colorado.
ARTICLE XIII
PARLIAMENTARY AUTHORITY*
1. The latest revision of Robert’s Rules of Order shall be the authority on parliamentary law, except when in conflict with these bylaws.
ARTICLE XIV
AMENDMENTS*
1. Bylaws shall be reviewed by the Board annually.
2. These Bylaws may be amended at any general meeting by a majority of the votes of the General members and Board members present and voting, provided that written notice of the proposed amendment(s) shall have been given thirty (30) days prior to the meeting, and have prior approval by the Executive Board.
Original Adoption: 10/2005 As amended: 1/2008, 9/2009, 8/2012, 1/2020, 08/2023
ASPEN CROSSING ELEMENTARY SCHOOL
PTCO
FINANCIAL POLICIES
Changes to ACE PTCO Financial Policies December 2023
Under 1. CASH POLICIES, Accepting Cash Payments
We updated this policy to specify that the two people required to count cash must be unrelated.
We changed this policy to state that at least one cash counter must be a signer on the PTCO
bank account.
We changed this policy to state that no cash should leave the school or event without being
counted first, with the exception of coins totaling more than $25.
Under 2. CREDIT CARD POLICIES, Paying With Credit Card
We updated this policy to state that only the PTCO Treasurer should normally have a debit card
with access to the PTCO bank account(s).
We updated this policy to state that any bank signatory who wants a debit card for the PTCO
bank accounts must notify the Treasurer and receive permission before applying for a debit
card.
We updated this policy to state that having a debit card for the PTCO bank account(s) without
the knowledge and permission of the Treasurer is grounds for removal from the PTCO Board.
We updated this policy to specify that anyone with a PTCO debit card must provide receipts and
documentation to the Treasurer within 48 hours of each transaction.
Under 3. CHECK POLICIES, Paying With Check
We updated this policy to specify that Treasurers will issue checks within 7 days of a
Reimbursement Request.
We updated this policy to specify that any check not processed by June 1st of the current fiscal
year may be canceled to allow the Treasurer to close out that year’s books.
We updated this policy to state that any purchase without prior approval of the Treasurer may
not be reimbursed.
We updated this policy to specify that anyone making purchases on behalf of the PTCO is
encouraged to comparison shop.
We updated this policy to specify that anyone making purchases on behalf of the PTCO must try
to get the sales tax waived.
Under 4. GENERAL FINANCIAL POLICIES
We added a section on Gift Cards that specifies that ACE PTCO does not purchase gift cards
with one notable exception for saving money on pre-planned purchases. We also added that
any gift cards that are donated to ACE PTCO must be inventoried and documented within 48
hours of receipt.
We added a section on Prepayment/Lump Sum Payments that specifies that ACE PTCO does
not prepay in lump sums for purchases. We only reimburse once documentation is received
with a Reimbursement Request.
Under Fraud Reporting Process
We updated this policy to specify that if anyone loses their PTCO debit card or suspects that
fraud has occurred with the PTCO bank account, that person must notify the bank, the Treasurer,
and the Board immediately.
PURPOSE AND INTENT
These policies are intended to document PTCO policies and procedures regarding using and
receiving cash and credit cards (to meet the needs of Cherry Creek School District Parents’
Council) as well as outline general financial policies and procedures used by the PTCO to ensure
appropriate fiscal management.
The PTCO financial policies should be given to PTCO Executive Board members as well as
event chairpersons (and others) who will be responsible for receiving, requesting, and/or making
payments relating to PTCO business. The policies are intended to provide both an understanding
of how PTCO financial processes work and provide protection to volunteers themselves.
1. CASH POLICIES
Paying with Cash
Aspen Crossing Elementary School PTCO does not maintain a petty cash account and cannot
pay cash for PTCO purposes.
Accepting Cash Payments
Aspen Crossing Elementary School PTCO accepts cash for payments made to the PTCO.
A minimum of two unrelated (e.g. non-married, non-immediate family members) people, one of
whom must be a signer on the Aspen Crossing Elementary School PTCO bank account, must be
present when cash is being handled or counted. The final tally needs to be noted and signed off
on by both parties and the matching funds must be deposited into the Aspen Crossing
Elementary School PTCO bank account within 2 business days of the event.
Order forms should be used, and those order forms should indicate that the purchaser paid with
cash, and the cash amount paid. The order forms should be kept by the PTCO until at least 30
days after the purchased items are delivered.
In cases where an order form is not applicable or feasible, a minimum of two unrelated people,
one of whom must be a signer on the Aspen Crossing Elementary School PTCO bank account,
must count the cash and sign the Aspen Crossing Elementary PTCO Deposit Notice Form
indicating the amount of cash received.
Cash should ALWAYS be counted at the school or event and signed off by both parties. The
only acceptable exception to this rule is an event where there is an event such as Penny Wars
when there is a large amount of coins that need to be counted. In the event that there is over an
estimated $25 in coins that need to be counted the money should be secured at school until two
unrelated people can go to the bank together to have the coins counted by the bank's coin
machine.
Cash should be given to the PTCO Treasurer, with a completed Deposit Notice Form
immediately after the event or sale. If the Treasurer is not present at the event, cash awaiting
deposit must be secured at the school until receipt by the Treasurer.
Under no circumstances should any cash raised at an event or sale be spent (even with a receipt)
before being deposited. It must be deposited into the Aspen Crossing Elementary School PTCO
account and then spent under the Aspen Crossing Elementary School PTCO spending policy
guidelines.
The Treasurer must retain the bank cash deposit advice (equaling the amount counted and signed
off on the Deposit Notice) and attach it to the Deposit Notice for record keeping. This will
verify that all funds accounted for are deposited into the Aspen Crossing Elementary School
PTCO bank account with complete transparency.
A copy of the Deposit Notice is attached.
2. CREDIT CARD POLICIES
Paying with Credit Card
Aspen Crossing Elementary School PTCO does not have a credit card account and therefore
cannot pay for purchases with a credit card. Aspen Crossing Elementary School PTCO does,
however, have a checking account with 1st Bank, and the Treasurer has a debit card that can be
used to pay for purchases in lieu of a check.
Bank signatories are able to request a debit card from the bank, however, the Treasurer is the
only Board member who should normally have a debit card. If any other bank signatory
decides that they want a debit card, they should make the Treasurer aware immediately. No one
should have a debit card with access to the Aspen Crossing Elementary School PTCO bank
account(s) without the knowledge and permission of the Treasurer. Requesting a debit card
without permission of the Treasurer is cause for removal from the Board.
If any bank signatory besides the Treasurer has a debit card, they are required to provide all
receipts and documentation of purchases to the Treasurer within 48 hours of each transaction.
Accepting Online or Credit Card Payments
Aspen Crossing Elementary School PTCO uses a third-party credit card processor to accept
payments for various PTCO activities and payments. The purchaser provides the credit card
information directly to the third-party processor and no credit card information is provided to the
PTCO or any parent. These services are set up under an Aspen Crossing Elementary School
PTCO account and are managed by the Treasurer.
- The accounts must be in the PTCO’s name and associated with the generic email address
used by the PTCO. Personal accounts and personal emails are NOT to be used for PTCO
finances. - Credit card information should be stored in the school safe until processed.
- All transactions should be processed at the school. No person(s) may remove credit card
information from the school property. - A crosscut shredder should be used when destroying written credit card information.
- No credit card transactions should be processed unless two designated PTCO members
are present. - A master list of each transaction including payee’s name and amount charged must be
kept for financial record keeping. If the credit card system can produce a list, that list will
be sufficient. If not, a manual spreadsheet needs to be maintained and kept. - Once the charges have been processed, a statement should be printed showing the total
charges processed. A copy of this list must be given to the Treasurer for reconciliation
with the bank deposits from the credit card company. - Online payment processing companies charge a fee for their service. It will be decided by
the PTCO Executive Board whether the fee will be picked up by the payee/donor or by
the PTCO.
In cases where a vendor accepts credit cards as a form of payment (e.g. Book Fair), order forms
or credit card receipts must be kept secure and locked in the school safe until the vendor collects
the information. This will minimize the risk of unauthorized access to credit card information.
3. CHECK POLICIES
Paying with Check
Aspen Crossing Elementary School PTCO maintains a checking account and can pay for
purchases with a check.
A Payment/Reimbursement Request Form is used to request and document any check written
or debit card purchase from the Aspen Crossing Elementary School PTCO checking account,
including paying vendors and reimbursing individuals for expenses they incur on behalf of the
PTCO. Appropriate documentation for the purpose of the request MUST be attached to the form
(e.g. receipts, invoices, etc.) Reimbursement checks shall be issued within 7 days after receipt of
Payment/Reimbursement Request Form and accompanying documentation. Any checks that are
not processed and cleared by June 1st during the fiscal year in which it was issued may be
canceled in order to close out that year’s books.
Reimbursements that have not been pre-approved by the Treasurer may not be issued if the
Treasurer has not budgeted for the expense and/or if the expense is not in alignment with the
rules set by this Board and’or Parents’ Council.
The person making purchases on behalf of the ACE PTCO should do their due diligence to be a
good steward of the PTCO’s funds and price comparison shopping should be done whenever
possible.
Anyone making purchases for the PTCO should make every effort to have the sales tax waived
by utilizing the Sales Tax Exemption Form that is accessible on our Google Drive or by asking
the Treasurer.
Checks will be made out and signed by the Treasurer, unless the check is payable to the
Treasurer (i.e. for reimbursement). In that case, the Co-Treasurer or President (another approved
account signatory) will sign the check. At no time can a check made out to an individual be
signed by that same individual.
Checks require two signatures from approved account signatories.
Treasurers should never write a check for anything without an invoice or receipt. Documentation
is mandatory, not optional.
A copy of the Payment/Reimbursement Request Form is attached.
Accepting Check Payments
Aspen Crossing Elementary School PTCO accepts checks for payments made to the PTCO.
Order forms should be used, and those order forms should indicate that the purchaser paid with a
check, the amount paid, and the check number. The order forms should be kept by the PTCO
until at least 30 days after the purchased items are delivered.
Checks must be given to the Treasurer with a completed Deposit Notice as soon as practical
after an event or sale. Checks should be deposited within 48 hours of an event or sale in order to
minimize the risk of “returned” checks.
For deposits with multiple checks, a spreadsheet detailing names, amounts and check numbers
should be attached to the Deposit Notice and given to the Treasurer for accurate record keeping.
All checks should be made out to “ACE PTCO” or “Aspen Crossing Elementary School PTCO”
not “Aspen Crossing Elementary School.” All checks must have an address and a phone number
listed at the top and the student’s name written in the memo section.
In the unfortunate event that a check is returned NSF, Aspen Crossing Elementary School PTCO
will attempt to collect bank fees and the original check amount for checks that are returned. The
Treasurer will send one letter asking for payment. If no response is received, the Treasurer will
turn the information over to the Principal for any further action that the Principal deems
necessary.
Aspen Crossing Elementary School PTCO reserves the right to refuse to accept checks from
individuals who have “bounced” checks to the PTCO in the past.
4. GENERAL FINANCIAL POLICIES
Budgeting
The general PTCO membership must approve the Aspen Crossing Elementary School PTCO
budget annually. Once the budget is approved, budgeted items do not need further membership
approval in order to be paid.
Non-budgeted items over $1000.00 need the approval of the general membership.
Non-budgeted items under $1000.00 need the approval of the Aspen Crossing Elementary
School PTCO Executive Board.
Bank statements and the bank reconciliation must be reviewed monthly (and signed off) by the
PTCO President or appointed Executive Board representative (other than the Treasurer.)
The PTCO President or appointed Executive Board representative should have access to online
or paper bank statements.
Gift Cards
Aspen Crossing Elementary School PTCO shall not purchase gift cards. The ONLY exception to
this is if a gift card is purchased to save money on a pre-planned purchase. For example, if
Krispy Kreme donut gift cards are purchased at a discounted rate in order to save money on
Donut Parties associated with the Fun Run. However, in that instance, only the amount that is
needed should be purchased. So if you need to pay for $100 in donuts, you should only purchase
enough gift cards to cover $100.
In the event that any gift cards are donated to Aspen Crossing Elementary PTCO, they should be
inventoried and documented within 48 hours of receipt to ensure no misappropriation of the gift
card funds takes place.
Prepayment/Lump Sum Payments
Aspen Crossing Elementary School PTCO shall not prepay in lump sums for purchases. We
only reimburse after purchases are made and we receive appropriate documentation. For
example, instead of prepaying Print Services $500 and then holding and using that balance until
it is gone, we will receive invoices from Print Services and pay as services are rendered. Another
example, ACE PTCO will reimburse up to $1000 per grade for field trips expenses but must
receive the invoice or quote for the cost before issuing payment.
Fraud Reporting Process
In the unfortunate event that fraudulent activity is uncovered, it is the responsibility of a
representative of the Aspen Crossing Elementary School PTCO Executive Board to inform the
Principal and the President of CCSD Parents’ Council of such activity on the same day you learn
of the activity either by phone or email. The Principal will report the matter to the Cherry Creek
School District as will the Parents’ Council President. Appropriate action will be taken by the
District.
Under no circumstances should any member of Aspen Crossing Elementary School PTCO enter
into negotiations for funds to be repaid without reporting the matter.
If any debit card holder loses or suspects that fraudulent activity has occurred with his or her
debit card, that person must notify the bank, the Treasurer and the Board immediately–as soon as
the loss or fraudulent activity is suspected.
Guidelines on Appropriate PTCO-related Expenses
Aspen Crossing Elementary School PTCO is a tax-exempt 501(c)(3) organization. For an
organization to continue to be classified as tax-exempt under section 501(c)(3) of the Internal
Revenue Service Code, the organization must be organized and operate “exclusively” for public
purposes.
Any public, tax-exempt charitable group, such as Aspen Crossing Elementary School PTCO,
must use all of the group’s assets for its public, tax-exempt purpose. Therefore, none of the
PTCO’s funds can be used to benefit private individuals. The only exception is when an
individual benefits as a byproduct of carrying out the Aspen Crossing Elementary School
PTCO’s purpose.
The Aspen Crossing Elementary School PTCO’s purpose is “to assist in attaining the highest
level of education and welfare for the entire student body of Aspen Crossing Elementary
School.”
Expenses related directly to the educational environment and student experience are clearly
allowable under the IRS guidelines. Examples include: technology hardware and software,
playground equipment, assemblies, instructional equipment, books, and costs associated with
PTCO-sponsored school/community events such as the School Carnival and the Fun Run.
Appreciation gifts do not directly support the Aspen Crossing Elementary School PTCO’s
purpose and are considered inappropriate expenses. Under IRS guidelines, the most conservative
approach would be to have no expenses in this category at all. However, the Aspen Crossing
Elementary School PTCO follows the standards for federal employees which allows “modest
items of food and refreshment” and gifts with a market value of $20.00 or less.
Reimbursement of expenses incurred by an individual on behalf of the Aspen Crossing
Elementary School PTCO is not considered “individual benefit” as long as the expenses being
reimbursed are approved and/or appropriate and have a receipt.
Changes to Financial Policies
Exceptions and amendments to this policy may be made by a vote of the PTCO Executive Board
in accordance with the bylaws.
5. GRANT REQUEST POLICIES
Net proceeds from fundraising efforts, the proceeds of which are not otherwise specifically
designated for another purpose, will be used to fund grants for the current year. If the proceeds
from a fundraising event are explicitly designated for a specific purpose, those net proceeds shall
not be included in the calculation of the Grant Fund.
Since the Fun Run is the biggest fundraiser of the year, we will know how much we have to
spend on grants at the conclusion of the event. Thus, the Grant Fund will be calculated after the
Fun Run each year, presented at the meeting following the Fun Run and voted on as a block
fund. The Grant Fund must be published two weeks prior to being voted on. As long as the
Grant Fund is approved, individual grants will not be presented at or voted on at General PTCO
Meetings. Instead, the Executive Board will vote on individual grant requests to be paid from
the Grant Fund.
The Aspen Crossing Elementary School PTCO Executive Board will officially begin accepting
grant requests on the first Monday after the Fun Run each year, although if funds are available,
grant requests may be accepted prior to that and considered on a case by case basis. Grant
requests will officially be accepted until March 31st each year, although if funds are still
available, grant requests may be accepted after that and considered on a case by case basis.
All grant requests are to be submitted on the Grant Request form showing at a minimum, the
cost, quantity, use, supplier and an approximate number of students it will benefit.
Individual grant requests should be reviewed by the Principal prior to consideration by the
Executive Board. The Principal may prioritize requests and recommend action and/or outcome.
Principal recommendations should be taken into consideration, but final approval is made by the
Executive Board.
Sometimes it is difficult to know exactly how much a purchase will end up costing due to
shipping charges, unexpected cost increases, etc. Therefore, grants may exceed the approved
amount by 10%, assuming that there is enough money available to cover the difference. Any
increases above 10% must go back in front of the Executive Board for further approval.
Grants must be awarded in time for the funds to be spent within the fiscal year in which they
were raised. All grants will be finalized, approved and funded by April 30th each year.
The PTCO cannot pay for the costs associated with receiving credit from a training or workshop
for teachers, as that is considered a personal or private benefit. However, non-credit portions of
workshops or training will be considered on a case by case basis, with preference given to
matching training grants provided by the Cherry Creek School District up to $250.00.
