Editing Treasurer Job Description

The Treasurer has a watchdog role over all aspects of financial management, working closely with other members of the executive Committee to safeguard the party's finances.

It is important to note that although the Treasurer ensures that these responsibilities are met, much of the work may be delegated to a finance sub-committee and or volunteers.

In summary, the Treasurer is responsible for:

General financial oversight

Funding, fundraising and sales 

Financial planning and budgeting

Financial reporting

Banking, book keeping and record keeping 

Control of fixed assets and stock 

Reporting all income to Elections Ontario in a timely manner as per regulations

Given these responsibilities, the Treasurer typically acts as an information and reference point for the Chair and other committee members: clarifying financial implications of proposals; confirming legal requirements; outlining the current financial status; and retrieving relevant documentation.

Main responsibilities of the Treasurer
1. General financial oversight

'''1. General financial oversight'''

Oversee and present budgets, accounts and financial statements to the executive committee

Liaise with designated staff about financial matters

Ensure that appropriate financial systems and controls are in place

Ensure that record-keeping and accounts meet the conditions of funders or statutory bodies

Ensure compliance with relevant legislation.

'''2. Funding, fundraising and sales'''

Advise on the organisation's fundraising strategy

Ensure use of funds complies with conditions set by funding bodies

Ensure fundraising and sales complies with relevant legislation and is bound by effective financial systems and controls

Ensure effective monitoring and reporting

'''3. Financial planning and budgeting'''

Prepare and present budgets for new or ongoing work

Advise on financial implications of strategic and operational plans

Present revised financial forecasts based on actual spend.

'''4. Financial reporting'''

Present regular reports on the organisation's financial position

Prepare accounts for audit and liaising with the auditor, as required

Present accounts at the AGM

Advise on the organisation's reserves and investment policy.

'''5. Banking, book-keeping and record-keeping'''

Manage bank accounts

Set up appropriate systems for book-keeping, payments, lodgements & petty cash

Ensure everyone handling money keeps proper records and documentation

'''6. Control of fixed assets and stock'''

Ensure proper records are kept

Ensure required insurances are in place.

In all of these areas the Treasurer is responsible for ensuring that effective financial systems and procedures have been established, are being consistently followed and are in line with best practice and legal requirements.

Delegating financial responsibilities
It is not good practice for all tasks associated with the finance function to be performed by one person without supervision from others.  For this reason, it is good practice for both small and large organisations to set up a finance sub group to manage and monitor their finances (see below).

It is not good practice for all tasks associated with the finance function to be performed by one person without supervision from others.  For this reason, it is good practice for both small and large organisations to set up a finance sub group to manage and monitor their finances (see below).

How this happens will depend on the size and dynamics of your organisation.  For example:

Even if the Treasurer and finance sub-committee carry out much of the work, final responsibility for the organisation's finances rests with the executive Committee as a whole.  All members are accountable.

In small organisations with no staff....

..'''.the finance sub group could consist of the Treasurer and 2 other members of the management committee.  The Treasurer often chairs and gives leadership to the finance sub group.  This provides an opportunity for those with no experience of finance matters to develop their knowledge and skills.'''

In larger organisations...

...'''the finance sub group could consist of the Treasurer, 1 or 2 other members of executive committee, the Chief Officer, and the senior staff member responsible for financial management and fund raising.'''