The role of a group treasurer

Any group that receives or spends money needs to have a financial management system in place.

Financial information can be used by management, taxation authorities, funding agencies and the general public to assess that the finances are being used efficiently and effectively to meet the objectives of the Group. It also is a check that the financial systems meet all the legal requirements and that the cost of the service is reflected accurately, so that future planning can be undertaken.

Financial information also reflects that the funds received from grant aiding bodies are spent in line with the purpose for which they were allocated. It is equally important that the membership can see that grants and funds raised within the group are spent in line with their vision for the Group.

Responsibilities:
The treasurers take responsibility for the financial management of the Group. They have prime responsibility for the following tasks:

• Setting up accounts on behalf of the Group
• Ensures money received is receipted and banked promptly
• Is a cheque signatory
• Keeps accurate records of income and expenditure.
• Maintains an appropriate accountability system for funds received and spent by the Group. This includes records such as invoices and receipts
• Prepares and presents monthly financial reports for management meetings
• Prepares and presents the Annual Financial Report to the Annual General Meeting

Receipts
The treasurers issue receipts for all money received by the group and file all receipts and/or invoices for items purchased by the group.

Financial Reports to Meetings:
The report will provide details of:

• Funds: received, where from and for what purpose
• Expenditure
• Any money owed to or by the group

Grants
When a grant is received, enter the grant name, the purpose for which it was given.
At the end of each month, enter the amount of the grant spent, and also the balance that is not spent
When the grant is fully spent (or at the end of the financial year) fill in a Certificate of Expenditure and send it to the Group which gave the grant. It is a good idea to also send a newsletter, a copy of the annual and financial reports to funders to keep them informed about your Group¡¦s work.

Further Information and Support:
Contact your local Area Forum for advice, training and support.