What is a Treasurer?

A treasurer is an officer who is in charge of receiving and dispersing funds. He or she manages and reports on the organization’s finances.

Responsibilities  of a Treasurer

Although duties can vary slightly depending on the size of a particular board the following duties are fairly consistent:

  • Carries out the responsibilities of a member of the Board of Directors
  • Assists in the preparation of the budget
  • Monitors the budget
  • Ensures the Board’s financial policies are being followed
  • Reports to the Board of Directors and general membership on finances
  • Prepares any required financial reporting forms.
  • Maintains all bank accounts
  • Oversees all financial transactions
  • His or her signature should appear on all cheques of the organization with the second signature from any of the board’s other directors or staff with signing authority
  • Chairs the finance committee if one exists

Preparing a budget

  • A budget is a plan that identifies how much money an organization requires to operate during the upcoming year
  • A budget includes sources of revenue and anticipated expenses
  • A budget is submitted to the Board for approval at the beginning of the fiscal year by the treasurer
  • Throughout the year the treasurer tracks year-to-date income and revenues, reports variances and alerts the Board of potential problems

Completing Necessary Paperwork

  • The treasurer ensures the bank has the names and signatures of members who are authorized to deposit and withdraw funds from an organization’s bank account
  • The treasurer must file financial statements for legal and security purposes (i.e. tax authorities, funding bodies etc…)