Following is a transcript of this podcast episode, with audio/video below.
Welcome to the Two-Minute Treasurer’s Tip Podcast. I am your host Cyndi Meuchel with MoneyMinder where our goal is to make your life as a volunteer way easier.
Allyson says: I was just voted in as Treasurer for my group. How do I figure out what my responsibilities are?
First of all, Allyson, congratulations! Taking on the responsibilities of the treasurer means your most important duty is to be a good custodian of your group’s money and to provide information to your group related to its finances so they can make informed decisions.
Some of the most common things that all treasurers for volunteer-run nonprofits do are:
- Develop a budget for the year.
- Maintain all of their bank accounts.
- Then reconcile those bank accounts on a monthly basis.
- You’re also going to control all expenditures and keep record of those.
- You’ll need to report at your monthly meetings.
- And lastly, you’ll fill out any government paperwork & renew licenses. For example, you might need to renew your license with your Secretary of State once a year. You might need to fill out a version of the 990 for the IRS. You might also need to renew your charitable solicitations permit if you have one, gaming licenses, movie night licenses, file state taxes.
This may sound like a lot. That’s because it is. The key to making it manageable is to stay on top of things and stay organized. Don’t let it pile up so that you just handle it once a month. Do things as they come.
For more information about how to fulfill your role, check out the resources on our website at moneyminder.com/guides. There are oodles of free guides, blogs and other resources at your disposal. So check them out.
That’s it for today! Thanks for listening! If you have a question you’d like answered, just email it to me at [email protected]. My name is Cyndi Meuchel and this is your Two-Minute Treasurer’s Tip for today.