Treasurer Responsibilities & Transitions

Treasurer Responsibilities

  • Work as a part of your section’s executive leadership to ensure financial assets are tracked and protected
  • Responsible for tracking and protecting all section assets
  • Collect, safely keep, and distribute funds
  • Sign checks / Deposit funds
  • Keep an exact accounting of all receipts and expenditures
  • Prepare and submit the annual section budget
  • Chair or oversee the section finance committee
  • Oversee all fundraising activities for the section
  • Present financial reports at executive council meetings
  • Ensure Sections IRS filings are complete (EIN up to date)
  • Maintain updated signature cards for all bank accounts
  • Safeguard all financial documents
  • Maintain all passwords for online banking activity
  • Supervise/maintain all online payment processes (PayPal, Square, Eventbrite, etc.)

Treasurer Documentation

As Treasurer, the following is required to be kept on file and transitioned to the new Treasurer:

  • Copies of 2 annual financial reports filed with the Society
  • Section/MAL/Region EIN and copy of last year’s tax forms OR letter from appropriate official that you are covered by your school
  • Full list of all financial institution(s) name, local branches, address, account numbers, and online access information
  • Copy of last year’s budget and this year’s approved budget
  • Current year’s ledger
  • Check books and registers
  • Any tax-exempt paperwork
  • Full contact information for authorized check signers (copy of most
  • current signature cards)
  • Account numbers, login, and passwords for all online payment
  • accounts (PayPal, Square, etc.)
  • History of fundraising activities and fundraising inventory
  • Section reimbursement policy/forms

Recommended records and documentation to keep on file include:

  • All financial updates for executive council from previous year
  • Motions relating to financial changes from the approved budget
  • Internal Assessment Forms (completed once a year)
  • Reimbursement documentation and copies of invoices/receipts (Used in an internal assessment)
  • A list of important dates and timelines for recurring events, reports, deadlines, etc.

Treasurer Transitions

  • Purpose:
    • Ensure the incoming treasurer has all the information necessary to successfully support the section.
  • Goals:
    • Incoming treasurer is aware of all the treasurer obligations
    • New treasurer has calendar of actions required for IRS and SWE requirements
    • All financial information is handed over and understood
    • Understands the budgeting process
    • Understands how to reimburse members
    • Understands how to pay invoices
    • Knows how to keep records
    • Can update the executive committee
  • The outgoing treasurer should:
    • Hand over a binder and/or digital copy of ALL financial resources
    • Direct new Treasurer to location of current SWE financial resources
    • Ensure new treasurer has access to financial records/institutions online by getting the signature authority transferred at the banking institution
    • File Annual Report with the new Treasurer
    • Review previous budget and how bills/reimbursements are completed
    • Provide key dates by which IRS and SWE actions are required
  • The incoming treasurer should:
    • Ensure you are not missing any financial documents
    • Check that you have access to all online accounts, then update all online-
      account passwords, and record these new passwords
    • Remove old officers from online financial access
    • Determine with executive committee the frequency and details for reporting on financial health of section
    • Ensure key dates on actions for IRS and SWE are in your calendar
  • Other Reminders
    • Your section may also have to transition checks, debit cards, etc.
    • Keep communication open. Continuity helps keep sections healthy.

Financial Policy

  • Section leadership should review their financial policy and set expectations at the beginning of every year.
  • This can include:
    • A set reimbursement process
    • How event fees will be collected
    • A limit on spending above the budget amount (example 10% before approval needed)
    • Approval of ‘Special Event’ budgets before contracts can be signed or other commitments made

Safeguarding Your SWE Resources

  • All SWE leaders share the responsibility of safeguarding your SWE finances, not just the treasurer
  • Ideally, the treasurer should be responsible, have managed a budget, and be well-known amongst the other officers
  • Monthly reports from the treasurer to the executive council ensure finances are up to date. Reconcile with bank statements monthly
  • Authorize purchases in advance
    • Keep your budget in mind
    • Any purchase over $$ should be confirmed by executives council in advance
  • Require itemized receipts for reimbursement and follow a standard form.
  • Change passwords at a minimum with every transition on financial accounts or signing authority, recommended every 6-12 months
  • Complete financial assessments annually with committee formed from members who were not involved in your SWE finances
  • Only use carbon-copy checkbooks
  • Have 2 signatories set up for bank accounts (typically Treasurer and President)
  • Ensure that any financial documents with account numbers or passwords are password-protected
  • Consider keeping an extra copy with SWE president of all important paperwork, including bank information, log-in information, EIN, etc.

Resources

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