Day-to-day responsibilities of a Treasurer
Practical responsibilities
Practically, the Treasurer primarily oversees the band's:
- Budget
- Management accounts
- Financial statement preparation
They will present each of these to the Board when due, and explain the figures and the rationale behind them so that the Board can review the financial statements and collectively sign-off the budget.
Treasurers need to ensure proper accounting records are kept. They must make sure that the organisation’s resources are managed and used in line with the objectives of:
- The charity
- Charity policy
- Good governance
- Legal and regulatory requirements set out by the Government and organisations like the Charity Commission
This often involves creating financial policies like asset policies, reserves policies, and financial procedures to control the charity's assets. A Treasurer will not only make sure these are implemented but will monitor them to ensure they are adhered to.
Advisory responsibilities
Sound financial advice needs to be given to the Board by the Treasurer. They need to be confident in monitoring and advising on the financial viability of the charity after liaising with the charity’s auditors, for instance. They must be able to advise on the financial implications of the charity’s strategic plan.
Your Board might decide that the work is complex enough to warrant the creation of a finance committee, if your governing document permits this. If so, the Treasurer will chair this meeting, ensure notes are kept and circulated to all Board members. Your Board can agree what items it will delegate to this committee, including the creation and implementation of financial, reserves and investment policies.