Your service club has an important mission. From hunger relief to voter’s rights and everything in between, we salute your group for its service to the greater good. And while everyone who is a part of a service club in any way is important, there is a special place in our hearts for the Service Club Treasurer.
That’s because it takes money to make an organization run, and the Treasurer is in charge of just that. It’s an important job, one that requires honesty, organization, and good communication skills. If you’ve been promoted to Treasurer or you’ve been lovingly assigned, we’ve got you covered.
First Thing’s First
Once you are elected as Service Club Treasurer, you can start to get your hands dirty. Start by building relationships between yourself and the outgoing board members. This is most important for the outgoing Treasurer, of course. He or she can help you gain a better understanding of the role. Once you have a grasp of what the role entails, you’ll have a better view of the time and skills needed to fulfill it.
Get Familiar with the Software
Hopefully, your Service Club is using treasurer software and not spreadsheets or (gasp!) old-fashioned pen and paper. Make sure you take some time to get account access and review procedures with your processor. A web-based app like MoneyMinder makes it easy for you to add new users at no additional cost. In addition, MoneyMinder has a useful help center to guide users new and old through the joys of being treasurer.
Gather Your Supplies
The outgoing treasurer might recommend or pass along some supplies that can be helpful in your new role. At MoneyMinder, we’ve created a list of recommended supplies in our Treasurer’s Bin doc. Whatever you need is per your personal preference, so take in the information about your role and decide what is necessary.
5 Primary Service Club Treasurer Duties to Get You Started
1. Bank Reconciliation — One of the key areas you’ll focus in your Treasurer role is doing bank reconciliation. It’s important to keep up on this on a regular basis.
2. Budgeting — Another crucial part of your Service Club’s success is the budget. This is also called the Chart of Accounts in MoneyMinder Land. This helps you make sure you have enough funds allocated for your ongoing programs & activities. It is also a key deciding factor in whether you have enough money to fund new projects.
3. Fundraising — While the treasurer doesn’t always take part in the actual fundraisers, they definitely have a hand before and after. On the front end, it’s up to you to clearly communicate budgets and financial goals. After an event, you must record how much was raised and report to the board. If you are not present during the fundraiser itself, be sure that your group keeps receipts for every dollar raised. If you’re a 501(c)(3), also be sure they provide donors with an acceptable receipt for their records.
4. Financial Reporting — Your board might meet weekly, monthly or quarterly, depending on your size and needs. As the Treasurer, you will be expected to present the board with up-to-date reports on the group’s financial position at least quarterly. For help with this exercise, check out our guide to giving the treasurer’s report.
5. Taxes & Year End — Last but not least, you should make sure your group is prepared for taxes and year-end. Taxes take place in the form of a 990, 990-N or 990-EZ every year. They are due by the 15th day of the 5th month after the end of your fiscal year. So if your fiscal year ends June 30th, the form is due November 15th. Year-end procedures include completing your final bank reconciliations and reports for the year.
Time to Get Excited About Your New Role!
Be proud of yourself for taking on a new role to support your Service Club’s important mission. It might not always be easy, but trust us when we say that you will find joy in the process. To make it easier on yourself, be sure to use a tool like MoneyMinder which is built specifically for volunteer-run groups like yours. Explore the advantages of MoneyMinder with a free trial or demo. If you don’t like what you see, you can always use our free edition features at no cost.
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Connect your Bank, Paypal and Square accounts to MoneyMinder PRO to directly download transactions, saving you time and effort. You just review the transactions to ensure they are properly categorized and fill out any required fields.
Connect your Bank, Paypal and Square accounts to MoneyMinder PRO to directly download transactions, saving you time and effort. You just review the transactions to ensure they are properly categorized and fill out any required fields.
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