How to Get Started as a Group or Club Treasurer

So, you’ve become your group or club’s treasurer! Whether it was a volunteer move or you’ve been lovingly assigned out of necessity, this can be a rewarding responsibility—and a vital one to your club’s success. So, first and foremost, be proud of your newly assigned role.

Next, it’s time to make sure you know what the heck you’re supposed to do. Don’t worry. We’re here to help with our tips on how to be a club treasurer. If your experience brings anything new or different to this list, please add it in the comments below.

1. Review What’s Been Left for You

If you’ve been bequeathed the group or club treasurer role from the former treasurer, take a little inventory of what’s been left for you. Did you get a shoebox full of receipts, or a hard-to-understand spreadsheet and a password to an online bank account? If you’re fortunate enough to be part of an organization that uses club accounting software, you’re likely going to be in great shape to start things off.

Whatever you’ve been handed, be sure you have these ducks in a row before diving in. Inventory everything:

• Cash on Hand
• Critical Documents Binder
• Daily Operations Binder
• Treasurer’s Bin
• Any Existing Budgets
• Recent Reports and Audits

Pro Tip: if you have the luxury of time and a willing predecessor, we always recommend working with that person closely for the easiest transition into your role. Get our free guide to a smooth treasurer transition here.

2. Assess the Current State of the Club’s Finances

Next, it’s time to get an idea of where the organization stands financially. This doesn’t necessarily have to be a full financial audit; that will come later. Just get a basic understanding of the club’s current standing:

• Balance — how much money do you have?
• Accounts Receivable — who owes you money?
• Accounts Payable — who do you owe money to?

Having this understanding will help you determine whether a certain aspect of the treasury has been lacking, and where you might need to pick up the slack.

3. Get Organized & Track Everything

When it comes to nonprofits, clubs and groups, transparency and accountability are vital to success, especially when it comes to finances. Regardless of how things were handled before your time, you must establish accountability and absolute dissent of any leniency with the organization’s finances.

Establish a system for meticulous record-keeping. Track every transaction (income and expenses). That way, if there are any security questions or if you get audited, you will be prepared.

Look inside MoneyMinder’s club accounting software with a free, interactive demo.

4. Set up for Success with a Budget

If your predecessor wasn’t a stickler for budgets, this is where you have a chance to outshine him or her, leaving your organization in a better financial state for the next group of administrators.

Get our free guide for budgeting made easy and develop your club’s budget in no time.

5. Plan for the Finish Line

To ensure you’re taking steps to make your life easy at the end of the fiscal year, review what you’ll need to do at that time. You’ll be able to factor these end goals in with decisions and actions you take throughout the year. Here’s our podcast about year-end for nonprofit treasurers for your review.

This article was originally published in 2013 and was updated in 2024.

If you’re a group treasurer, MoneyMinder has the content to help you succeed. Check out our Treasurer’s Compass for best practices. Or for school groups, try our PTO/PTA Getting Started Guide. And if you’re looking for more, our Ultimate Treasurer’s Guide is available on Etsy for $24.95 (it’s free to MoneyMinder subscribers).