Treasurer Job Description: Difference between revisions
(Created page with "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 i...") |
m (Bolded section titles) |
||
| Line 22: | Line 22: | ||
Main responsibilities of the Treasurer | Main responsibilities of the Treasurer | ||
1. General financial oversight | |||
1. General financial oversight | '''1. General financial oversight''' | ||
Oversee and present budgets, accounts and financial statements to the executive committee | Oversee and present budgets, accounts and financial statements to the executive committee | ||
| Line 35: | Line 36: | ||
Ensure compliance with relevant legislation. | Ensure compliance with relevant legislation. | ||
2. Funding, fundraising and sales | '''2. Funding, fundraising and sales''' | ||
Advise on the organisation's fundraising strategy | Advise on the organisation's fundraising strategy | ||
| Line 45: | Line 46: | ||
Ensure effective monitoring and reporting | Ensure effective monitoring and reporting | ||
3. Financial planning and budgeting | '''3. Financial planning and budgeting''' | ||
Prepare and present budgets for new or ongoing work | Prepare and present budgets for new or ongoing work | ||
| Line 53: | Line 54: | ||
Present revised financial forecasts based on actual spend. | Present revised financial forecasts based on actual spend. | ||
4. Financial reporting | '''4. Financial reporting''' | ||
Present regular reports on the organisation's financial position | Present regular reports on the organisation's financial position | ||
| Line 63: | Line 64: | ||
Advise on the organisation's reserves and investment policy. | Advise on the organisation's reserves and investment policy. | ||
5. Banking, book-keeping and record-keeping | '''5. Banking, book-keeping and record-keeping''' | ||
Manage bank accounts | Manage bank accounts | ||
| Line 71: | Line 72: | ||
Ensure everyone handling money keeps proper records and documentation | Ensure everyone handling money keeps proper records and documentation | ||
6. Control of fixed assets and stock | '''6. Control of fixed assets and stock''' | ||
Ensure proper records are kept | Ensure proper records are kept | ||
| Line 80: | Line 81: | ||
Delegating financial responsibilities | 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). | 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). | ||
Revision as of 18:10, 14 December 2024
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.