Yes, the Parents Association can have its own bank account and should be used to collect the proceeds from fundraising activities before transferring to the school bank account. They can hold funds sufficient to cover basic costs such as bank fees, etc.
All bank accounts opened in the name of the school including the Parents Association bank account must have 2 signatories/online approvers. For the Parents Association bank account the FSSU recommends that a member of the board must be a signatory/online approver and either the chairperson or treasurer of the parents’ association act as signatories/online approver on the account.
The bank account statements should be addressed to the ‘Parents Association of Sample School’ at the address of the school. It should not be addressed to members of the Parents Association names or to their personal addresses.
Yes, the Board should approve all fundraising activities in advance and agree the purpose for which they are raised and a timeline for collection and transfer of funds.
In exceptional circumstances the BOM has the autonomy to use the funds collected for other purposes and will communicate this to the Parents Association.
Yes, the income and expenditure account and all bank statements should be made available and included in the annual accounts.
If you have a query that is not addressed in these FAQs, please email us at primary@fssu.ie.