Leading the Finance Committee’s activities per the Terms of Reference, the Treasurer “shall have the custody of the funds and securities of the Corporation and they or the duly appointed designate shall keep full and accurate accounts of all assets, liabilities, receipts and disbursements of the Corporation”.
The Treasurer ensures the financial health and integrity of the organization by overseeing financial operations, budgeting, and reporting.
Key responsibilities include:
- Financial Oversight: Monitor the organization’s financial performance, reviewing monthly financial statements, cash flow reports, and balance sheets. Ensure the board is regularly updated on the financial position.
- Budgeting: Work with the Executive Director or financial staff to review annual budgets, ensuring alignment with strategic goals and financial sustainability.
- Reporting: Present financial reports at each board meeting, ensuring transparency and understanding among all board members regarding the organization’s finances.
- Compliance: Ensure the organization complies with relevant financial reporting standards and statutory obligations, including the submission of accurate and timely tax returns and audits.
- Risk Management: Identify financial risks and ensure appropriate financial controls are in place, such as regular audits and financial policies.
- Investment Oversight: If applicable, oversee the organization’s investments and ensure prudent financial management of reserve funds.