Duties of a Treasurer

A treasurer, as a generic term refers to a person who is in charge of the treasure, (read funds). Treasury is a term used to convey a pool of money from which funds are allotted or granted for an organization to run. It could be church, bank, housing society, educational society and so on. Therefore, a treasurer is someone who manages the money and makes plans as to how to add to the kitty as well. This was however a general overview of his/ her duties. Let's take a look at responsibilities of a treasurer in detail.

What are the Responsibilities of a Treasurer?

#1
First and foremost, the treasurer is accountable for the handling of funds, ensuring their safety and providing approval of funds when required. In addition to that, making sure that the expenditure is according to the budget approved by the concerned organization. Basically, the origin and utilization of funds, in short and the custody supervision of funds is what a treasurer does.

#2
A treasurer has to keep a vigil on the funds and see to it that the treasury is in a positive mode when it comes to balance. A preparation and presentation of periodical financial report on the basis of expenditure and the addition to the funds (savings) is also an essential part of a treasurer job description.

#3
The checking and maintenance of savings account in a bank or any other savings institution as authorized by the concerned organization, is looked after by the treasurer. A part of the duty also involves investing money as laid down by the organization in question. For example, a state treasurer in USA invests money in USA government securities, commercial papers and mutual funds.

#4
Clearly defining and stating who is authorized to allocate and withdraw funds from the money besides the treasurer, also comes under the purview of the duties of the treasurer. Preparing annual budget too is a task of the treasurer. All this is done through accounting controls and procedures.

#5
A string of credible reports and a analysis is used by a treasurer for integration of the currency, for instance dollars, volume of sales or number of employees or production and financial costs into a series of percentages and ratios. These help in aiding management in the evaluation of progress and profitability.

#6
In case of any organization, a very important duty of the treasure is investigation of fraud, loss or theft of the funds. It is all a part of the financial management carried out by him/ her.

#7
Maintenance of detailed records of profit, disposing and discharging all liabilities emanating from debt, taxation, credit, and keeping a close eye on the management risk policy is done by the treasurer.

#8
Collection and keeping a track of cash receipts, management of secured credit, debt financing and repayment and anticipation of future needs. Ultimately, keeping the treasury equipped well enough in case if an unprecedented expenditure is incurred.

#9
The duties include having complete knowledge of the fiscal status of the organization. Especially in case of a bank, the treasurer plays a key role if there is a merger or an acquisition.

All these duties, need the person to have a degree in accounting, finance or related field. Sometimes an individual having an MBA degree in accounting or finance is preferred. As far as qualities as a person are concerned, the individual has to be of a squeaky clean character and ethical as he is handling large amount of money. An eye for detail and good communication skills are necessary to become a successful treasurer.

Treasurer's duties, thus, can be really difficult sometimes, because after all, The art is not in making money, but in keeping it.