Treasurer (Board Member Position)

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Treasurer (Board Member Postion)

A Treasurer is assigned the primary responsibility of overseeing the management and reporting of an organization’s finances. The Treasurer has many important duties specific to its role, including:

• Bank account maintenance - Selecting a bank, signing checks, and investing excess funds wisely
• Financial transaction oversight - Being knowledgeable about who has access to the organization’s funds, and any outstanding bills or debts owed, as well as developing systems for keeping cash flow manageable
• Budgets - Developing the annual budget as well as comparing the actual revenues and expenses incurred against the budget
• Financial Policies - Overseeing the development and observation of the organization's financial policies
• Reports - Keeping the board regularly informed of key financial events, trends, concerns, and assessment of fiscal health in addition to completing required financial reporting forms in a timely fashion and making these forms available to the board
• Finance Committee (if applicable) - Serving as Chair of the Finance Committee

The Treasurer is largely influential in proper financial management and thus, also greatly affects the public’s perception, trust, and assurance in the organization management. Therefore, organizations should seek desirable qualifications in a Treasurer such as financial literacy, attention to detail, timeliness in completing tasks, neat and accurate record keeping, and a willingness to ask questions.

Qualifications

Bachelors in finance, or accounting

5+ years of accounting and finance

CPA Preferred