Treasurer
A Treasurer is typically charged with overseeing the management and reporting of an organization’s finances. Generally, as with other officer positions, the specific duties of the Treasurer are stated in an organization’s bylaws.
Since an organization’s financial management is directly tied to the Treasurer’s responsibilities, the Treasurer’s execution of her responsibilities will have a strong impact on the public’s perception, trust, and assurance in the nonprofit as a whole. With this in mind, organizations should seek Treasurers with desirable skills such as financial literacy, attention to detail, timeliness in completing tasks, clear and accurate record keeping, and a willingness to ask questions.
Typically, the Treasurer’s duties include the following:
Financial management and/or oversight. A Treasurer may manage or oversee the management of the financial affairs of the organization, often including such basic tasks as selecting a bank, reconciling bank statements, and managing cash flow. In some organizations, the Treasurer may also be responsible for investing funds consistent with applicable laws. The Treasurer should be knowledgeable about who has access to the organization’s funds and any outstanding bills or debts owed. The Treasurer should create and maintain systems for ensuring the organization’s ongoing solvency and oversee the development of the organization’s financial policies. Helpful policies to consider include check signing authority, expense reimbursement, credit card usage, and petty cash policies, if applicable.
Budgets. The Treasurer may be responsible for preparing, or facilitating the preparation of an annual budget, as well as regularly monitoring and comparing the actual revenues and expenses incurred against such budget. The development of a budget that supports the organization’s goals and drives decision-making is an important part of an organization’s success in effectuating its mission. The budget should be reviewed and approved by the board, however, the Treasurer should be prepared to explain and justify the document.
Since an organization’s financial management is directly tied to the Treasurer’s responsibilities, the Treasurer’s execution of her responsibilities will have a strong impact on the public’s perception, trust, and assurance in the nonprofit as a whole. With this in mind, organizations should seek Treasurers with desirable skills such as financial literacy, attention to detail, timeliness in completing tasks, clear and accurate record keeping, and a willingness to ask questions.
Typically, the Treasurer’s duties include the following:
Financial management and/or oversight. A Treasurer may manage or oversee the management of the financial affairs of the organization, often including such basic tasks as selecting a bank, reconciling bank statements, and managing cash flow. In some organizations, the Treasurer may also be responsible for investing funds consistent with applicable laws. The Treasurer should be knowledgeable about who has access to the organization’s funds and any outstanding bills or debts owed. The Treasurer should create and maintain systems for ensuring the organization’s ongoing solvency and oversee the development of the organization’s financial policies. Helpful policies to consider include check signing authority, expense reimbursement, credit card usage, and petty cash policies, if applicable.
Budgets. The Treasurer may be responsible for preparing, or facilitating the preparation of an annual budget, as well as regularly monitoring and comparing the actual revenues and expenses incurred against such budget. The development of a budget that supports the organization’s goals and drives decision-making is an important part of an organization’s success in effectuating its mission. The budget should be reviewed and approved by the board, however, the Treasurer should be prepared to explain and justify the document.