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Treasurer

Every PTO and Booster board consists of, at a minimum, a President, a Secretary and a Treasurer.  Each of these positions handles important duties for their organization.  At times the duties are shared or overlap.

Generally, when people think of the Treasurer of their organization, they think of the person who handles the money.  This is a misconception.  The Treasurer is the one who oversees the finances, but should not directly or independently handle the money.  Allowing your Treasurer (or anyone for that matter) handle money alone is an invitation to potential liability.

 Here are a few tips to understand the Treasurer’s critical role on your board.

1. The Treasurer’s main duties are:

  • Budget – The Treasurer should be preparing the budget (with input from the board) and confirming that every expenditure is within the budget that was approved at the beginning of the fiscal year.
  • Reconcile – The Treasurer should be reconciling the bank account every month.  They should verify deposits match the documentation provided after a two-person count was completed and the withdrawals were all authorized.  A bank reconciliation should be completed, and the reconciliation should also be formally reviewed and approved by a non-signer, as noted in your club Bylaws.
  • Save – The Treasurer should also be watching expenses, especially bank fees, to make sure that those are minimized for the organization.  If there is a bounced check fee, the Treasurer should notify the group so that someone can collect that fee from the responsible party.  In addition, they may be able to take actions to minimize the bank fees incurred for their own transactions.
  • Report to Members – The Treasurer should be providing a monthly report, with bank statements, to the board and a financial report at every general meeting.  It is the responsibility of the rest of the board to verify the information, review the information for potential issues, and raise any issues that are reflected in the information provided (or when information is not provided).
  • Report to CSB – Part of being a member of the CSB (and the CSB being a 501(c)(3)) is that there are specific and regular tax reporting duties.  This does not require your Treasurer to be a professional CPA or bookkeeper.  The CSB is working hard to make sure this reporting obligation is uniformly and consistently completed by every Treasurer.

2. When possible, the Treasurer should not be a signor on the bank accounts.  The Treasurer can have access to the statements for the account, but it is good practice for the Treasurer to not be authorized to make payments out of the account.

3. The Treasurer can be a second count on money and make deposits after a two person count has been conducted.

Thank you to all the Treasurers in the CSB.  Your role as Treasurer is vital to protecting the funds raised for our students.