Riverdale Parent-Teacher Club

“Any adult person residing in the riverdale grade school district or any person having a child in the riverdale grade school is considered a member. Teacher and employees of the riverdale grade school automatically become members of the club. There are no annual dues required of members.”

“Form 990 is reviewed by the treasurer but is not reviewed by all members of the governing body before it is filed.”

“The organization makes its governing documents and financial statements available to the public upon request.”

“Payroll taxes were not paid on time for 3/31/13 and 6/30/13. The IRS sent a notice to the PTC in 2015. All taxes and penalties were paid in full in 2015. In September 2013, the PTC started using Paychex. All tax forms were filed for 9/30/13 and 12/31/13 by Paychex for the PTC.”

“The cash basis of accounting is followed except that purchases of fixed assets are not considered disbursements, but the cost of fixed assets are capitalized and the corresponding amounts representing depreciation are recorded each year that measure an approximate value of the use of fixed assets. Under this basis, receipts are recorded when received and disbursements are recorded as made. This basis differs from the accrual basis of accounting under which revenues and support are recorded as earned, and expenses are recorded as incurred. The cash basis of accounting is considered to be a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America.”

“Certain individuals, including Officers and the Board of Directors members, donate substantial time to the operations. Amounts related to these services have not been recorded as receipts or disbursements since a fair value amount for these services has not been established.”