The role of the treasurer is vital to any committee. This is the role that is critical to the group being able to plan for future events and ongoing costs. The treasurer main duties include:
Open or maintain the bank account of the organisation; making sure that the bank mandate is kept up to date and that the required number of signatories is on it.
Keep accurate record of the associations’ income and expenditure, and financial
transactions.
Regularly provide finance information to enable them to make informed decisions on
planned expenditure and budgets.
Allow members to inspect the accounts in accordance with agreed procedure.
Pay from the accounts any expenditure agreed by the committee promptly.
Annually prepare the accounts to be audited or verified by an independent body.
Present the audited or verified accounts to the AGM and answer relevant questions from
members.
Maintain an up to date Asset Register for the organisation.
The treasurer is the one who advises the committee on finances, not the one who makes the financial decisions – this remains the responsibility of the committee based on the advice given.
Critical Duties:
1. To ensure the committee functions properly
The treasurer plays a crucial role in this by providing up to date and relevant information to the committee on the association’s financial situation. This should ensure that the group can make informed decisions on budget allocations for events and plan when, who and how they apply for grants, etc. In addition to this they should make sure that the group complies with and legal or funders financial criteria and be the lead committee officer for the financial accountability of the group.
2. To ensure that the group has effective financial policy and procedures in place
The treasurer has the responsibility for making sure that all the financial systems are in place to make the association’s financial transactions open, transparent and accountable for members and funding organisations. They should concentrate on the account books (income, expenditure), the bank books (mandate, show the funds available) and expenses payments.
They should report back to the committee on a regular basis on all finances and any issues that may impact on the group’s funds. They will also be responsible for preparing the accounts and presenting them at the AGM.
3. To act as the lead officer and representative for the groups financial matters
The treasurer should be a key point of contact for people making inquiries about the
association’s finances. They should be willing to provide information in a reasonably quick time and if necessary arrange to meet with people to explain things. The treasurer should also be willing to attend external meetings with funders and others to represent the group on financial matters.
Quality, skills and knowledge:
Team Player: Includes;
Works well with chair and other committee members
Shares financial information amongst committee
Is available for ad-hoc advice
Is good at explaining complex financial information
Financial Knowledge: Includes;
Has a good understanding of financial book-keeping principles
Is methodical with a good eye for detail
Has good understanding of financial control and budgeting
Has experience of dealing with sums of money
Strategic: Includes;
Has good knowledge of the organisations governing documents, paying particular
attention to financial clauses
Understands how their role impact on the smooth and efficient running of the
organisation
Keeps up to date with best practice in financial management and recommends
relevant changes to the committee
Is aware of the ‘big picture’ finances and its likely impact on the group
