The Board Treasurer is an executive and voting member of the Board of Directors of the Society and appointed in a manner consistent with the bylaws. He/she is accountable to the Board for the fulfillment of the duties and responsibilities outlined below.
The treasurer, as other board members, has no authority to direct staff or take independent action on matters outside of the duties outlined unless given such authority by the Board.
3) Time Commitment
Twenty hours per month (board meetings, meetings with the Executive Director, committee meetings, monitor grant budget to actual status on a monthly basis, monitor the overall Society budget on a monthly basis, regularly liaise with Society accountant and Executive Director on financial matters, as required)
4) Term of Office
Two years with the possibility of renewal for a second term.
5) Roles and Responsibilities
The treasurer will offer guidance to the Executive Director and in ensuring good fiscal planning, decision-making and oversight at a governance level.
His/her principle duties are to:
- Oversee the development of high-level financial policies and their review by the board
- Assist in the preparation of the annual budget and its presentation to the board for review.
- Monitor budget to actual status monthly for individual grants and present to Finance Committee for review.
- Ensure all financial reporting requirements/deadlines for individual grants are met.
- Review all financial reports before submission.
- Ensure that the appropriate monthly or quarterly financial statements are reviewed by the board
- Ensure that the board regularly monitors the organization’s financial performance and alerts it to any important discrepancies between planned and actual figures
- Ensure that the organization maintains the appropriate financial books and records and that these are accurate and up to date
- Verify that donations are handled appropriately and that grants and service delivery contracts are accounted for in accordance with the requirements of funders
- Provide support to the accountant in preparation for the annual audit. Liaise with the external auditor during the annual audit and handle all matters relating to the completion of the annual audit. Work with the Executive Director to ensure any problems or deficiencies identified by external auditor are addressed on a timely basis.
- Recommend to the board the need for a review or renewal of the auditing services provided
- Assists the Executive Director and board chair with the development and presentation of the annual audited financial statements
- Present or co-present the organization’s financial report and recommend appointment or reappointment of auditor at the Annual General Meeting
- Along with the Executive Director, helps keep the board informed of important financial events, trends, and issues relevant to the organization
6) Committee Membership
The Treasurer is automatically a member of the Executive Committee, and will normally chair the following committees when and where such are necessary:
- Finance Committee
- Audit Committee
- Budget Development Committee
- Financial Policy Development Task Group
- Commitment to the organization’s mission and strategic directions
- An understanding of, and experience with, good financial management and reporting practices, specifically related to grant funding.
- A professional accounting designation may be required
- An appreciation of the kind and level of financial information needed at a board level to support decision making
- An ability to commit the time required to fulfill the responsibilities described