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Treasury Management Association of Chicago

Treasurer Position Description

The responsibilities of the Treasurer are:

1. Confirm deposits of dues, guest fees, and other moneys due the Association.

2. Oversee all disbursements of the Association: directly with the operations account via the checkbook, and indirectly with the Windy City Summit (WCS) by validating conference vendor (M&I) disbursements against bank statements.

3. Maintain a record of cash receipts and disbursements and reconcile with bank statements monthly.

4. Make a financial status report at each board meeting and each month. Financial status will include, but is not limited to:

a. Profit and Loss Statement

b. Balance Sheet

c. Investment detail

5. Distribute electronic copy of financial statements to Board members at least two days before board meetings.

6. Coordinate tax returns with preparer: filing due November 15th annually.

7. Maintain all permanent financial records and reconcile bank accounts via monthly reporting. Policy chair oversees disbursements from TMAC Operations account.

8. Prepare and present annual budget to membership with input from Board of Directors.

9. Coordinate bank accounts and bank relations on behalf of the Association.

10. Maintain all bank signature cards up to date.

11. Make decisions regarding Association investments in accordance with the Investment Policy.

12. Maintain the files for the bank statements, cancelled checks, and the check register. These will be made available to the Secretary upon request.

13. Reconcile paid membership deposits and membership list with the Membership Chair.

14. Perform other duties as assigned by the President.

Bank Accounts

1. Operating Account: for TMAC membership deposits and expenses, Treasurer controls disbursements via check book.

2. Windy City Summit Lockbox Account: receipts and expenses for annual WCS conference, disbursements by check, issued by conference vendor.

3. Concentration Account: summary of two aforementioned accounts.

Check Payments

The Treasurer prepares checks to pay bills and invoices for the Association; checks are co-signed by another director. The President, Vice President, or Secretary can co-sign the Operating Account checks. Committee members or board members that incur expenses on behalf of the Association must submit a Check Request and receipts for those expenses.

Expenses related to the Windy City Summit conference are issued by the TMAC’s exclusive conference vendor (Meetings and Incentives - M&I). These checks come from the Windy City Summit Lockbox Account. All payments from this account must be approved by the WCS co-chair executives. All checks greater than or equal to $7,500 must be co-signed by the TMAC Treasurer.

Tax Return

The tax return is due November 15th of each year. The Treasurer provides all requested Operations and WCS information to the tax preparer. Treasurer must sign the forms after they are completed. Additionally Treasurer signs a letter of intent with the tax preparer for the upcoming year’s return.

Mail

Occasionally Treasurer related mail is sent to the Association’s formal address. This is forwarded to the Treasurer by the TMAC front office vendor (GSS). Copies are usually forwarded electronically, with hard copies mailed to the Treasurer or provided at the next monthly meeting.

Monthly Tasks:

1. Review bank account statements for fees, record as expense in monthly P&L Statement

2. Contact bank regarding any non-expected fees.

3. Analyze credits earned by monthly deposits versus interest returns that are available with short-term investments. Adjust cash balance to maximize return while preserving capital per the Investment Policy.

4. Document interest earned from bank statements and report in P&L Statement.

5. Operational:

• Update Operational check register for checks issued.

• Document Operational checks outstanding in monthly report.

• Keep expense reimbursement file up to date: receipts and Check Requests required.

• Reconcile front office vendor (GSS) manual and credit card deposits to bank statement.

• Reconcile membership dues deposited with Membership Committee listing.

6. Windy City Summit:

• Reconcile monthly lockbox activity from conference vendor (M&I) to bank statement.

• Review all WCS checks issued: ensure proper signatures and amounts greater than $7,500 are co-signed by the TMAC Treasurer.

• Document WCS checks outstanding in monthly report.

• Review and update void check log from conference vendor.

Calendar Tasks:

July

1. Update bank signature cards with new officers signatures

2. Update bank website with new officers’ sign-in.

August

1. Request budget information from all committee chairs and President.

2. Compile and organize budget data.

September

1. Finalize budget and distribute to Board of Directors for approval.

2. Once approved by Board, prepare TMAC budget and WCS budget for distribution to the full membership 10 days before monthly meeting.

October

1. Submit all financial records to tax preparer.

November

1. File tax return by November 15th to IRS.

December

1. File annual report for State of IL.

Transition Tasks:

1. Transition checkbook and other Treasurer documents to incoming Treasurer, if applicable.

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