Editing Executive Standards (section)

== Treasurer ==

"a) The Treasurer shall receive, expend, and account for the funds of the Party under the supervision of the Executive Committee.<br/>"b) The Treasurer shall serve as the '''Chief Financial Officer''' of the Party and shall be responsible for all obligations imposed on the Party by Elections Ontario. The term of the Chief Financial Officer shall coincide with the fiscal year of the party." [C 5.6]

The Treasurer is responsible for having current financial information for the party available at all meetings as required by the Constitution, and is expected to have a written financial report available for every General Meeting, and at least once per quarter for Committee meetings. The Treasurer is expected to have current knowledge of the party's financial status at all times, and to respond in a timely manner to any reasonable request from an authorized individual for information about that status.

As Chief Financial Officer, the Treasurer is responsible for ensuring that the Party fully complies with the [https://www.ontario.ca/laws/statute/90e07 Elections Finance Act] to maintain the Party's registered status. The Treasurer must prepare and submit to Elections Ontario a

Financial Statement with supporting schedules at the end of each year and each Election Campaign Period. If the Party has over $10,000 in donations or Expenses the return must be audited. A party must maintain its "Registered" status in order to issue Official Receipts that entitle the donors to a [[Political Tax Credit]] of as much as 75% of the donation. Elections Ontario provides a [https://www.elections.on.ca/content/dam/NGW/sitecontent/Compliance%20Documentation/English/Political%20Parties/CFO%20Handbook%20for%20Political%20Parties.pdf ''CFO Handbook for Political Parties''] of almost 100 pages that provides guidance for CFOs on how to comply with the [https://www.ontario.ca/laws/statute/90e07 Elections Finance Act].

To do this the Treasurer must:

*At the start of each year, change the default value for "Contribution Type ID" in the [[Additional Donation Details]] record to the value specified by Elections Ontario. Also update the Pre-help text with the new "Contribution Type ID" and delete any values no longer in use; Also change the "CFO Name" if necessary. 
*Deposit all contributions received by mail to the Party's bank account;
*Report all Credit Card Authorizations received by Mail on CRM (see [[CiviCRM#Donations_by_Credit_Card_Authorization|Donations by Credit Card Authorization]]).
*Record contributions and Membership fees received by mail on CRM (see [[CiviCRM#Donations_by_Cheque_and_Cash|Donations by Cheque and Cash]]).
*<s>[[Transfer PayPal Funds]] from PayPal to the Party's chequing account;</s>
*Refund any donation if it exceeds the maximum donation allowed, is not from an individual, or is from a person not resident in Ontario and is more than the membership dues, or is requested by the donor. If the donation was received by cash or cheque, issue a cheque. If received via Credit Card, find the donation (by date and name) and click 'Refund.' It should show up as a refund to the donor and a fee reversal to our account. It should show up as a refund on CRM and the original donation should be flagged as cancelled. If an Official Receipt has been issued it must be cancelled.
*Send to Elections Ontario a [[Real Time Disclosure]] file listing donors who have donated over $200 (total for the year) within 15 working days;
*Maintain records for all income received and expenses paid by the Party (see [[Accounting with Quicken]]);
*Prepare Income and Expense Statement each quarter and present to the Executive Committee (See example [[index.php?title=Media:P&L 18-09.pdf|P&L 18-09.pdf]])
*Issue cheques for all expenses approved by the Executive Committee;
*Obtain invoices and/or receipts for all expenses;
*Prepare and mail [[Official Receipts]] for all donations to the Party;
*Prepare Financial Statements as required by Elections Ontario for by-election and election campaigns, and for each calendar year; and
*Engage a licensed accountant to audit the Party's Financial Statements and records. Since 2018 copies of the expense records and documents for donations received have been uploaded to the Google Drive Audit folder accessible to the Auditor. The previous Treasurer will need to authorize you to view and update this folder. A new folder should be created for each year, with sub-folders for Income and Expenses. 

=== Pending Payments ===
The pages for donations, renewals and new members on our website provide a "Pay Later" option. This allows the donor to indicate that they will mail a cheque or send an Interac e-transfer. The email sent to the donor (copied to the CFO) provides the Party's address for sending a cheque and instructions on how and where (donations@ontariolibertarian.ca) to send an Interac e-transfer (EFT). The donation record created indicates the Status is "Pending." 

When the cheque or EFT is received, update the "Pending" Donation record to "Completed" and enter the date received. This will automatically update any related Donation or Membership Record. Also check the "Send a Receipt" box. Then click on [Save]. (Do not try to enter a payment.)

Occasionally the donor may decide to make the payment online with a credit card. Stripe normally indicates the Donation or Member Dues is "Pending" for up to a week. As long as the payment is not reversed by the donor's credit card,  Stripe will change the status of the payment record to "Completed" and transfer the donation to our bank account. However, Stripe does not update or delete the "Pending" record. This "Pending" record must be deleted manually (click on the three dots at the far right of the donation record). CRM does not include "Pending" records in any listing unless they are specifically included in the search parameters.   

It is a good idea to follow up "Pending" payments if they are more than a week old. Send them a Donation Reminder email via CRM. (Create an appropriate email template if one does not already exist.) Pending Payments more than about 6 months old should be changed to "Canceled." ''[Is it better to delete or flag as Overdue or Failed?]'' 

=== Additional Tasks ===
The Treasurer also performs additional tasks which could possibly be delegated to others:

*Be the CFO for Party Candidates who do not plan to accept donations and incur expenses and prepare financial statements for their campaigns as required by Elections Ontario.
*Maintain the mailing list for members, donors, inquiries and referrals, including contact information, Electoral District and donations;
*Provide listing from CiviCRM for various purposes such as for recruiting candidates by Regional Coordinators.
*Provide lists of contacts to members interested in holding Pub Nights or meetings in their area, and providing advice.
*Organizing the Toronto Pub night; making reservations, updating the Meetup Event description if required, creating an Event on the Party's Facebook page(s), arranging for the occasional speaker.

[[Treasurer Job Description|Treasurer Job Description]]