Officer Duties and Descriptions: TREASURER

I. Constitutional Duties
The Treasurer shall ensure that invoices are mailed by March 1 to collect membership dues for the year; this activity is generally coordinated by the VP for Membership and the database manager. The Treasurer shall also be responsible for maintaining the financial database of paid members; shall obtain the approval of the President on all bills before payment; and shall make an informal report to the members of the Association at the annual meeting. At the end of each two calendar years, t he Treasurer shall prepare a complete formal report, including an accountant's review of financial statements, for distribution to the Executive Board and for submission to the next succeeding treasurer. The Executive Board at its discretion may require an audited financial statement. The expense of the accountant's review or the audit shall be borne by the Association.

II. Specific Duties

1. Transitional Responsibilities
   1. Obtain training, notebook and other financial records from predecessor.
   2. Establish new checking account if necessary when assuming duties. Banking accounts should be established with reputable institutions that are convenient for the Treasurer, require minimal monthly fees, and provide a reasonable rate of return on accounts. Order checks if necessary. Only about 100 checks are written each year
   3. Provide training for new treasurer when elected at the annual meeting.
   4. Provide a copy of Articles of Incorporation, Tax ID , and funds for establishment of new bank accounts. $1,000 Should be sufficient as minimum balance while not incurring bank charges, but specific bank policy should first be checked.
      
      
2. Annual responsibilities
   1. Assist President with development of new budget.
   2. Determine amount of cash carried forward from previous year's budget.
   3. Review Chart of Accounts and make adjustments as necessary. Chart of Accounts should duplicate budget as nearly as possible.
   4. Coordinate with the VP for Membership and the Database manager the mailing of renewal notices to membership.
   5. Maintain an electronic record of all financial transactions. The Association purchased a copy of "Quicken" for this purpose. Membership dues receipts should be recorded as split deposit entries.
   6. Keep VP for membership and database manger informed of membership renewals. Send copies of returned renewal forms to VP for Membership and Database Manager.
   7. Maintain financial database. The treasurer's database should consist of Institutional name, Contact person, contact email or phone number, number of institutional voting members, check no., dues amount, date received, deposit slip number, and batch number*,. (Batch number indicates in which batch the renewal documentation was forwarded to the VP for Membership and the database Manager.
   8. Review savings and investment options and recommend to the Board a reasonable strategy for maximizing the return on investment while not risking the principle.
   9. With Board approval deposit savings into selected financial instruments.
   10. Make deposits of association receipts in a timely manner. Examples of receipts include: membership dues, income from annual meeting, other income. (Make a copy of each check, and the deposit slip. Attach deposit slip to copies of checks . This will facilitate later reconciliation and dispute resolution.)
   11. Write checks as authorized by the President for budgeted items: i.e. advances to Local Arrangements and Program Committees, reimbursements for executive board travel expenses
   12. Write checks as authorized by the Board for non budgeted items, i.e. late reimbursements from previous budget year
   13. Correspond as necessary with member institutions that submit incomplete renewals. I.e. missing payment, missing form, request for invoices.
   14. Obtain annual insurance. Correspond with Hilb, Rogal and Hamilton Company in the spring and summer to confirm coverage and costs for renewal in September.
   15. File tax return. Receive and review financial reports from the Local Arrangements Committee Chair, Program Committee Chair, and Summer Seminar Coordinator, or Coordinator of other professional development activities conducted by the association.. With assistance from a tax professional, prepare and submit appropriate IRS documents by July 15., for the previous year.
   16. Prepare regular financial reports. Prepare a report on the status of the budget for the winter and summer meetings of the Executive Board. Prepare an informal report on the status of the budget and present it to the membership at the annual meeting. Prepare monthly checking account reconciliation.
       
       
3. Biennial Responsibility
   1. Obtain Financial Review once every two years (at end of term). Identify an accountant who will provide this service and negotiate a reasonable fee. Collect and submit all necessary financial documents to the accountant for review. Respond to questions about records as necessary. Obtain and forward a copy of the accountant's report to the Executive Board for financial review.
      
      

III. Chronology of Activity

November

• INCOMING TREASURER: Obtain training, notebook and other financial records from predecessor. Establish new checking account if necessary when assuming duties. Banking accounts should be established with reputable institutions that are convenient for the Treasurer, require minimal monthly fees, and provide a reasonable rate of return on accounts. Order checks if necessary. Only about 100 checks are written each year.
• CURRENT TREASURER: Provide advance checks for the chair of the next Local Arrangements Committee and the chair of the next Program Committee
• Present budget report to members at the annual meeting. Meet with successor, provide training, present notebook and other financial records.
• Provide a copy of Articles of Incorporation, Tax ID , and funds to incoming treasurer for establishment of new bank accounts. $1,000 Should be sufficient as minimum balance while not incurring bank charges, but specific bank policy should first be checked.
  
  

December

• Assist the President in developing annual budget.
  
  

January

• Determine amount of cash carried forward from the previous year's budget. Prepare and submit a financial report to Executive Board at the winter meeting. Receive and review financial report and checks from the Local Arrangements Committee Chair. Receive and review financial report and remainder check from the Program Committee Chair.
  
  

February

• Establish new checking account (if necessary at beginning of new term.). Review and make changes as necessary to Chart of Accounts. Write checks to Executive Board members to reimburse them for winter meeting travel expenses.
  
  

March

• Confirm that Renewal Notices were mailed to member institutions. Receive renewal notices with payment. Note amount of dues paid, check number, and date received on the renewal documentation. Make copies of the renewal documents and send to VP for Membership and Database manager. Make backup copies of checks and deposit funds promptly. Update financial database. Send membership renewal copies to VP for membership and database manager. Correspond as necessary with member institutions that submit payment without the billing form or that return the billing form without payment.
  
  

April

• Receive renewal notices with payment. Note amount of dues paid, check number, and date received on the renewal documentation. Make copies of the renewal documents and send to VP for Membership and Database manager. Make backup copies of checks and deposit funds promptly. Update financial database. Send membership renewal copies to VP for membership and database manager. Correspond as necessary with member institutions that submit payment without the billing form or that return the billing form without payment.
  
  

May

• Receive renewal notices with payment. Note amount of dues paid, check number, and date received on the renewal documentation. Make copies of the renewal documents and send to VP for Membership and Database manager. Make backup copies of checks, and deposit funds promptly. Update financial database. Send membership renewal copies to VP for membership and database manager. Correspond as necessary with member institutions that submit payment without the billing form or that return the billing form without payment.
• Reimburse President and President Elect for AACRAO expenses.
  
  

June

• Receive renewal notices with payment. Note amount of dues paid, check number, and date received on the renewal documentation. Make copies of the renewal documents and send to VP for Membership and Database manager. Make backup copies of checks and deposit funds promptly. Update financial database. Send membership renewal copies to VP for membership and database manager. Correspond as necessary with member institutions that submit payment without the billing form or that return the billing form without payment.
  
  

July

• Prepare and file IRS form 990 by July 15.
• Receive renewal notices with payment. Note amount of dues paid, check number, and date received on the renewal documentation. Make copies of the renewal documents and send to VP for Membership and Database manager. Make backup copies of checks and deposit funds promptly. Update financial database. Send membership renewal copies to VP for membership and database manager. Correspond as necessary with member institutions that submit payment without the billing form or that return the billing form without payment.
• Prepare and submit a financial report to Executive Board at the summer meeting.
  
  
  

August

• Confirm arrangements for annual insurance policy renewal.
• Receive renewal notices with payment. Note amount of dues paid, check number, and date received on the renewal documentation. Make copies of the renewal documents and send to VP for Membership and Database manager. Make backup copies of checks and deposit funds promptly. Update financial database. Send membership renewal copies to VP for membership and database manager. Correspond as necessary with member institutions that submit payment without the billing form or that return the billing form without payment.
  
  

September

• Obtain annual insurance policy and pay premium.
  
  

October

• Prepare and make copies of budget report for annual meeting.

as amended January 25, 2001

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