Deptford Township Police arrested 36-year-old Tara Webb on Monday night.
Police say Webb was the treasurer at Pine Acres and Shady Lane Schools.
She has been charged with Theft of Moveable Property (greater than $50,000) in breach of her duty as a fiduciary, acting as PTO treasurer.
She is being held at the Salem County Jail.
Police said it is an ongoing investigation and anyone with information is asked to contact Det. Maureen Packer at (856)845-2220 or email mpacker@deptford-nj.org.