Elected as Treasurer, What Next?
 

Good Morning Board, to start off, I've always appreciated the various topics and advise given to posters and viewers of TFP. For once, I need some direction and any assistance this great community will provide.

Recently, I was elected to the board position of Treasurer, at the local level, of a nationally recognized philanthropic organization. The chapter is made up of business persons as well as influential individuals within my small community.

My duties are to report to the President of the Chapter, advise monetary status to the board, and budget finances for covering accounts payable and charitable donations.

Since I have limited accounting knowledge and only introductory abilities in Quickbooks, I am a bit nervous and like always, want to make a good impression.

Is there any advise that you all can provide with regards to what reports would be most helpful, avoiding common pitfalls, as well as things you've witnessed or performed in ways that exceeded expectations and impressed?

I really appreciate any advise or direction, at first I was tentative regarding accepting the position, but was quick to see the value in learning new things and the opportunity to excel in the public eye.

Thanks again,

Freefire

The Cayman Islands are lovely this time of year. ;)

http://media-cdn.tripadvisor.com/med...an-islands.jpg

Why did you choose to run for treasurer?

Haha, Bill, yeah I don't want to make this a Southwest Airlines commercial, "Wanna get away...?"

Redlemon, actually I didn't run for the position, the person that did was no longer able to fulfill the duties involved prior to placement, I was requested by the President and Treasurer elect, to take his place.

Well, that clarifies your position, then. Unfortunately, I can give you no advice. I'm sure others will be able to.

Make sure the organization has D&O insurance!

One word: embezzle

...I have nothing actually helpful to add.

Track everything. Get hard copies of every transaction or financial action taken by the entity and especially by you. You're handling the money so you're gonna be responsible for everything financially responsible...you want proof that you're doing the job, both ethically and professionally.

Surely there are guidelines from the national organization for how local chapters' finances are to be run? Or long-standing and successful treasurers from other nearby chapters you could ask?

Periodic sacrifices must be made
http://metamedia.stanford.edu/imageb...Wicker-Man.jpg
in order to insure the safety of the coin.

No doubt this is where your predecessor went wrong.

That is: Directors & Officers and basically protects organizations from suits alleging injury by bad management decisions that do not cause bodily injury or property damage.

My opinion for what to do - fake it for as long as you can and withdraw before they discover your incompetence. And learn the lesson that any job someone else encourages you to volunteer is often not what you really want to be spending your time doing. You hear THAT, Mr. O'Rights? :)

Figure out what the budget it (of course) and see if you can find how the money was spent in the past few years. This will help give you an idea of what a kosher request is and what isn't.

Get/make a list of who has access to spend the money (is it only the board, other committee members, etc) so you can track the paper coming in.
Come up with some sort of system that works for you to track the paperwork. Make sure that people are giving you what you need and hold them accountable for the information so you are not holding the bag.

Talk with the director and anyone else you need to report to and find out how they like their reports. Some people like charts, other like simple e-mails, some like powerpoints at breakfast meetings. It can save you time if you know how to pinpoint the information for your audience. Also, ask how often they want a report.

As for the software side of it, see if you can find tutorials for quickbooks online or ask if you can use a different accounting program that you are more familiar with.

Good luck.

I want to thank many of you for the good advise and direction, to the others I'd be more apt to say WTF, but thanks to you guys too!

Abscond with Petty Cash!

Overthrow the leaders with a coup d’état. You control the money, so you can pay soldiers of fortune (or government security contractors) to fight your battle...