April 28, 2020

So,‌ ‌You’re‌ ‌the‌ ‌Treasurer:‌ ‌Roles and Responsibilities


So, what do you do now…

If you’re reading this, you’re probably the new treasurer of your chapter. Congratulations! Being chapter treasurer is a super rewarding leadership position. We understand that responsibilities of a leader can be stressful, especially when it is related to money, therefore we have created a list to help you succeed this academic year. 

1. The treasurer must make sure that there is absolutely no intersection or interchange between the personal finances of the treasurer and those of the organization. All the organization’s records and bank accounts should be kept separate from the treasurer’s own personal financial matters. 

2. The treasurer should outline a clear budget to help the chapter board with planning out the year. Spreadsheets are a wonderful tool and can be transformed easily into a graphic representation of the budget based on projected expenses and income. 

3. The treasurer must keep all transactions current and up to date on an ongoing basis. Anyone needing to obtain current financial information will want accurate information. The treasurer should document all of these transactions with a Profit and Loss Report (P&L). The P&L is a report that shows your total income and your total Expenses in a specific period of time. It’s a really useful Report as it shows you your net profit (or loss) based on your income & expenses, and that can be used to come up with some cost-cutting strategies!

4. The treasurer collects all fees, distributes all money, is responsible for depositing all income. This should all be documented in the P&L.

5. The treasurer maintains and allocates funds for projects and presents an updated budget at regular intervals with actuals – the actuals reflect how much revenue an account has actually generated or how much money an account has paid out in expenditures at a given point in time during a fiscal year. This could be every chapter board meeting, once a month, or once a quarter. Do whatever makes the most sense for your chapter! 

6. The treasurer is actively involved with organizing and implementing all fundraising opportunities in conjunction with the rest of the chapter leadership.  

7. The treasurer should help to compare this year’s calendar against last year’s calendar to make sure important deadlines are accounted for. Don’t forget deadlines that your Student Governance or Campus Activities has in place for student organizations. 

8. The treasurer should be in charge of placing any dates for installment payments on their calendar (if needed).

9. The outgoing treasurer can show how things have been recorded and accounted for in the past. The new treasurer can try to learn some tips and tricks from the outgoing treasurer for meeting deadlines and keeping things in order. Be sure to read our Transition Guide.

10. The previous treasurer should have done a thorough review of all responsibilities and expectations for the role with the new treasurer before leaving office. Be sure to include your other chapter leadership in this meeting! By walking through roles and responsibilities of each team member, everyone can understand what is expected of their peers and can make sure that everyone is working to the best of their ability. 

These are 10 responsibilities that we believe will help you be a successful treasurer! This list is not exhaustive so be sure to have a discussion with your chapter President so that the roles and responsibilities of the treasurer are clearly outlined in your chapter bylaws. (Don’t have chapter bylaws? Talk to your Quad Director!)

Keep checking back every month for new installments of So, You’re The Treasurer as we share our take on budgeting, banking practices, and more!