Board Treasurer Job Description
Assembled by Carter McNamara, PhD, Free Management Library, www.managementhelp.org
- Is a member of the Board
- Manages finances of the organization
- Administrates fiscal matters of the organization
- Provides annual budget to the board for members' approval
- Ensures development and board review of financial policies and procedures
OFFICERS: TREASURER
1.0 Purpose
1.0 This practice describes the key responsibilities of the Treasurer of the Organization.
2.0 Scope
2.1 The role of the Treasurer is to monitor and advise the financial operations, status, reporting and management of Organization. The Treasurer shall Chair the Board Finance Committee and report to the Board or Directors at each meeting. The Treasurer will also oversee the Investment Committee of the Board.
3.0 Responsibilities
3.1 Monitor, Review, Advise Financial Statements
3.1.1 The financial statements ofOrganization will be presented by the President to the Treasurer on a monthly basis for review. The Treasurer may request explanation of the documents so as to provide accurate and comprehensive reports to the Finance Committee and thus the Board. After review and acceptance, the Treasurer will distribute the financial documents to the entire board. This will happen no later than three (3) weeks following the reporting month.
3.1.2 Information packages, prepared for each board meeting, will include a copy of the preceding month's financials, including Year-To-Date figures and yearly comparisons.
3.1.3 Both the Treasurer and the President will maintain a file of financials presented at Board meetings.
3.1.4 Up-to-date financials (within one month of current) will be available to Board members through the Treasurer.
3.1.5 The Treasurer will be available to Organization accountants, auditor, attorney and staff to discuss State Policy Network's financial reporting, growth and/or management.
3.2 Chair of the Finance Committee
3.2.1 The Treasurer shall Chair the Board Finance Committee. The three member Finance Committee will be nominated and elected annually for one year terms.
3.2.2 The Finance Committee will meet in person or by conference call at least once a year, with a yearly summary report presented to the Board in the fourth quarter.
3.3 Investment Committee oversight
3.3.1 The Treasurer shall over oversee the Board Investment Committee. The Treasurer may be a member, but cannot be the chair of the Investment Committee. No other member of the Finance Committee can serve on the Investment Committee except the Treasurer.
3.3.2 The Treasurer shall request and review quarterly reports from the Investment Committee.
3.4 Signatory
3.4.1 The Treasurer shall be signatory on all Organization financial accounts if and only if the President and Chairman are also signatories on same said accounts. The Board and theOrganization accountants shall be notified in writing by the President if any signatory status changes in the organization.
3.5 Organizational Annual Budget
The Treasurer assists the President in providing an annual budget to the board for members' approval.
4.0 Service
4.1.1 The Treasurer serves at the pleasure of the Board and can be replaced by majority Board vote at any time during his/her term of office.