5.9.4.1. What it Means to be Treasurer

Treasurer Definition
While financial management may be a team responsibility, the treasurer’s duties will vary according to the organisation’s size and culture. In the majority of cases, the volunteer treasurer is responsible for managing the association’s finances and ensures it follows financial rules, helps to create and monitor the budget, and puts controls in place to protect funds. The treasurer, the chair, other members of the governing body and staff must work together to develop a budget and monitor and evaluate financial progress.

Skills and Qualifications
While there aren’t any pre-requisites to become a club treasurer, there are some key skills & abilities that make the workload easier to take on. These include:

• A sound understanding of financial principles, including budgeting, financial reporting, and cash flow management.
• A strong grasp of accounting practices, including familiarity with balance sheets, profit and loss statements, and financial statements.
• The ability to analyse financial data, assess financial health, and provide insights for decision-making.
• Ability to lead the board by providing strategic financial direction to make the best decisions in the best interest of the organisation.
• Knowledge of fundraising methods and how to manage incoming funds effectively is key.
• Strong attention to detail to ensure accuracy in financial records, reports, and budgets.
• Ability to present complex financial information clearly to stakeholders (board members, Members at the AGM, etc.) and to collaborate with other departments.
• For larger organisations, knowledge of investment strategies, managing reserves, and asset allocation may be required.
• Knowledge of GST requirements, including the differences between clubs registered for GST and those that aren’t
  

As treasurer, the associations will need to track:

• How much the association owns.
• How much money you can easily access.
• Your main sources of income.
• What you are spending money on.
• How much you owe.