Role Overview
The Treasurer is the sole custodian of all club funds and is responsible for accurate record keeping, reporting, compliance, and financial stewardship of the club.
Core Responsibilities
Custodian of Funds
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Sole custodian of club funds
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Promptly deposit all monies received
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Disburse funds with proper approval
Accurate Financial Records
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Books must be accurate and up to date
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Books should be balanced monthly
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Bank statements must be reconciled monthly
Banking safeguards:
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Three signers on the account (Club President, 1st Vice President, and Treasurer)
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Two signatures required on checks
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Countersigning by president is recommended as protection
Reporting Requirements
At Every Business Meeting:
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Treasurer’s Report must be presented
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Report is read for information only and not adopted by membership
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Financial statements are included in official minutes
Minutes must reflect:
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Beginning balance
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Income
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Expenses
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Ending balance
Legal & Compliance Responsibilities
The Treasurer is responsible for preparing and filing:
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IRS forms
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FEC forms
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State and local government forms
Strongly recommended:
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Consulting a CPA if unsure of requirements
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Staying current on evolving political reporting laws
Membership & Dues Coordination
Treasurer must coordinate with Membership Secretary:
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Maintain master membership file
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Track dues paid and per capita payments
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Issue membership cards only after dues are paid
Budget Responsibilities
The Treasurer:
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Serves on the Budget Committee
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Helps prepare proposed annual budget based on anticipated income and expenses
The proposed budget:
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Must be approved by Board
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Must be adopted by membership
Record Retention
Permanent records include:
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Bylaws & revisions
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Tax returns
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Financial statements
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Membership records
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Ledgers and journals
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Minutes
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Membership applications
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Chart of accounts
Retention timelines:
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Cancelled checks & bank statements – 5 years
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Budget & financial reports – 5 years
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Treasurer reports – 5 years
Back up all computer records and maintain virus protection
Financial Review (Audit) Requirements
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Financial review required every six months
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Must occur before new Treasurer takes office
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Books must be correct or corrected before fiscal year begins
Important parliamentary note:
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Treasurer’s reports are filed, not approved
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Financial Review report is adopted by majority vote