The treasurer’s job is, in many ways, the most important job on the board of an organization. The club treasurer is responsible for all of a club’s money, both incoming and outgoing, and needs to keep accurate records to ensure legal compliance.
Collecting dues is a near-universal job of a club treasurer. The job of collecting dues begins when the club’s year begins, whether that is August as is typical of school clubs or January as with service organizations. The job of collecting dues is simple but requires good record keeping. Treasurers should keep a list of people who have paid their dues so as to keep up with club membership.
One of the treasurer’s jobs is to pay bills for the clubs. In school settings, this may be done through requisitions from school administrators while in a community organization, the club typically has a checking account. The treasurer needs to record all bills paid and why they were paid in case further explanations are required.
Preparing a Budget
The budget is the foundational document of a club. Although some clubs prefer to plan an event then find a way to fund it, doing so can cause a strain on the club. The club treasurer should insist on putting together a budget before beginning any fundraising efforts. The budget should include all expenses, even small administrative expenses.
Reporting Financial Information
A typical organizational board meeting requires a financial report from the club’s treasurer. This financial report should include the starting and ending balances of any accounts. Any money collected should be covered, and bills paid should be listed. The financial report should be easy to understand, and the treasurer should be open to answering questions about it.
Preparing a Successor
When a new treasurer is elected, the current treasurer needs to prepare that person by explaining the record-keeping process and letting the successor get a look at all of the information.