ROLES OF THE CASPR TREASURER
The Treasurer has a watchdog role over all aspects of financial management, working closely with other members of the CASPR executive to safeguard the organization’s finances. Financial accountability is of the utmost importance to non-profit associations. If our funders lose faith in our ability to control and account for finances, they lose faith in the whole organization.
In addition to being a critical role for the association and the Board, the Treasurer’s role can be difficult because of its technical nature. Often, non-financially trained Board members leave all responsibility for finances to the Treasurer, preferring not to try to figure out what all the numbers mean. This means that the Treasurer not only has to take primary responsibility for finances, but also has to educate sometimes unwilling Board members about what the finances mean. Leading the Board is an important task the Treasurer must perform.
Since the Treasurer is ultimately responsible for the finances of the corporation, the Treasurer should keep neat and accurate records and pay attention to detail. The Treasurer should be available so as to handle transactions on a timely basis and should not be afraid to ask questions.
THE TREASURER ENSURES:
- accurate accounts of income and expenditure
- all receipts are deposited as determined by the Board
- only legitimate expenses are incurred
- each expense is scrutinized for accuracy and matched to the relevant source of income
- each expenditure is properly approved and authorized for payment
- payment is only made to the appropriate people
- a consistent and transparent audit trail is produced and available for each payment
- a full bank reconciliation is completed on an at least a monthly basis for each bank account
- the Board receives monthly financial statements
- that books are submitted to auditor for preparation of financial statement and/or performance of an audit
GUIDELINES FOR EXPENDITURES
- Any expense is to be discussed with the Treasurer prior to being incurred.
- Any expense over $100, or as requested by the Treasurer, is to be brought to CASPR Executive for approval. Minutes of the approval are to include specific detail about the expense being approved, (e.g. maximum cost, nature of expense, time period or quantity of purchased item).
- CASPR members submitting expenses for reimbursement are expected to do so in a timely manner.
- CASPR is not responsible for interest or late payment charges in connection with any expense incurred. The Treasurer will endeavour to reimburse expenses within three weeks of submission.
Last updated: March 9, 2010