1. Develop and maintain a budget that is realistic, accurate, and regularly updated.
This includes gathering information about the organization's revenue sources, expenses, and other objectives to create a budget that accurately reflects how funds will be allocated. The budget should be updated regularly as changes occur within the organization.
2. Monitor expenses to ensure they remain within the approved budget.
This encompasses keeping track of expenses, comparing them to the budget, and making adjustments as needed. The treasurer should also review contracts for services or products that are being purchased to make sure they are appropriate and in line with the organization's mission and goals.
3. Reconcile accounts on a regular basis.
Reconciling includes comparing the organization's financial records to its bank statements, and making sure that all transactions are accounted for. This process should be completed monthly or quarterly.
4. Ensure compliance with all applicable laws, regulations, and standards.
The treasurer should be aware of all rules and regulations which apply to the organization, including local, state, and federal laws. Additionally, he/she should stay up-to-date on changes or updates to these rules.
5. Prepare financial statements as required by the board of directors.
These statements should include an income statement, a balance sheet, and a statement of changes in net assets.
6. Maintain records for tax filings.
This includes gathering documentation such as W-2 forms, 1099s, and any other relevant information needed for filing taxes.
7. File necessary documents such as Form 990s with IRS and annual reports with state departments.
The treasurer should make sure all documents are filed on a timely basis according to the applicable filing deadlines.
8. Coordinate audits or reviews when needed.
The treasurer should arrange for any necessary financial reviews or audits and ensure that the results are adequately addressed.
9. Establish internal control procedures to safeguard assets from fraud or misappropriation of funds.
This includes developing policies and procedures for handling finances, setting up a system of checks and balances to prevent unauthorized use of funds, and providing appropriate oversight.
10. Set up processes to track investments.
The treasurer should track and manage investments in order to maximize returns while minimizing risk.
11. Report regularly on finances to the management team and Board of Directors.
The treasurer should provide regular updates to the organization's management team and Board of Directors on the financial health of the organization.
12. Stay current on trends in nonprofit accounting/finance.
The treasurer should stay up to date on new developments and trends in nonprofit accounting and finance, as this can impact the organization's ability to manage its finances effectively. They should also be aware of any changes in government policies that may affect their duties and responsibilities.