finance

Treasurer

The Treasurer has a watchdog role over all aspects of financial management, working closely with other members of the Management Committee to safeguard the organisation's finances.  

It is important to note that although the Treasurer ensures that these responsibilities are met, much of the work may be delegated to a finance sub-committee and paid staff or volunteers.

In summary, the Treasurer is responsible for:

Legal Duties

Members of the Management Committee of are equally  responsible in law for the actions and decisions of the committee.  They are responsible for ensuring that the organisation complies with the law in all aspects of its work, this may include a wide range of activities from finance to service delivery aspects such as insurance, food hygiene or child protection.  There is a wide range of different information on the DIY Committee Guide in relation to the different aspects of legal responsibility.

Segregation of Duties

Whilst the management committee retain overall responsibility for financial management, it is acceptable for them to delegate certain tasks to particular committee members, staff or volunteers.

However, it is not good practice for all tasks associated with the finance function to be performed by one person without adequate supervision from the management committee.

This is not a matter of trusting your employee(s); it is about safeguarding the organisation from fraud and protecting the employees from possible allegations.

Financial Procedures

It is good practice for an organisation to produce a detailed set of financial procedures.  Financial procedures are a set of instructions that any stakeholder, including new members of the committee or staff, can use to find out exactly: what tasks need to be done; who will do these tasks; and who will ensure the tasks are done properly.