Do we have a nomination for the role of Treasurer?

Do we have a nomination for the role of Treasurer?

By Nick Koerbin

Do we have a nomination for the role of Treasurer?
Bob, did I see you raise your hand?

The new volunteer Board for the Association or NFP has been elected, and there is a meeting of the Board to determine who will be the office bearers, including the role of Treasurer.

How often have I heard the President announce – "Do we have a nomination for the role of Treasurer?

Suddenly, there is silence, and eyes are averted as the President scans the Board, looking for people to nominate for this critical position.

The latest research undertaken by Association Executive Services tells us that the Treasurer's role on an NFP board is the hardest to recruit.

I know how daunting it can be when you have been elected as the Treasurer. How do I know this?

I am the Treasurer on the Board of my local business association.

Let me tell you, you don't need to have a Master's in Accountancy to qualify as a Treasurer ( but it would be great if you had someone with those accounting qualifications)
I certainly don't, but it helps if you can read and understand a profit and loss statement, balance sheet, and cash flow and have a good relationship with your accountant

All associations, large and small, must be financially sustainable, and the role of the Treasurer is responsible to the Board and the members to oversee and report on the organisation's financial position at Board meetings and at the Annual General meeting.

For those nominated as a Treasurer for an Association or NFP organisation, I have put together some actions the Treasurer should undertake.

They are:

  • Meet regularly with the Chief Executive Officer, accountant, or bookkeeper to monitor the financial progress of the Association.
  • Ensure the annual budget is prepared and presented to the Board for endorsement.
  • Identify and report on any financial matter that may place the Association at risk.
  • Ensure proper protocols are in place for paying debts incurred by the Association.
  • Participate as an active member of the Board.
  • Oversee the risk management aspects of the Association.

In particular, the Treasurer should:

  • Ensure financial management reports are provided promptly and are by the directives of the Board.