PSR: Treasurer’s Duties, Details

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Treasurer’s Duties, Details

Monthly:

  • Reviews all proposed payments, asks for necessary information to assure proposed payments are appropriate expenditures of LLLI funds, and approves as appropriate
  • Ensures that unusual payments (over $15,000) are also discussed with and approved by the Finance Committee. See Finance Committee.
  • Reviews the financial statement as prepared by the management team
  • Works with the Finance Committee and Executive Director to clarify and resolve concerns, inaccuracies and questions about the financial statements
  • Presents Treasurer’s Report to the Board at the monthly scheduled Board meeting

1. As needed throughout the fiscal year:

  • Oversees any investments according to the Investment Policy. See Investment Policy.
  • Reviews and approves all proposed transfers of funds to or from a non-operating or investment account in consultation with the Board Chair/co-Chairs See Bank Accounts and Transfer of Funds.
  • Works with the Finance Committee to ensure appropriate management of all monies, budgeting, insurance, properties, liability, loans, securities, payroll, and other financial contracts and investments. See Loans; Bank Accounts and Transfer of Funds; Investment Policy.
  • Reviews the investment policy [LINK] and makes a formal recommendation to the LLLI Board of Directors every two years regarding whether this policy should remain in force or be rescinded and superseded by an amended policy.

2. Annually:

  • Works with the Executive Director and the Finance Committee to submit, or coordinate the submission of, the annual budget prepared according to the directives of the Board. See Budgetary Spending Levels, LLLI.
  • Works with the Executive Director, the Finance Committee, and the DCE administrators to calculate appropriate cost-sharing fees (entity affiliation fees) and submit recommendations to the Board for setting a Cost Sharing formula. See Cost Sharing, LLLI.
  • Authorizes the procedures for custody of all corporate funds and securities according to the guidelines as set down by the Board
  • Verifies Executive Director investment account review to ensure that there are proper segregation of duties and limitations on signatories and that account statements are received by and reconciliations performed by personnel who are not signatories
  • Prepares or coordinates the preparation of a financial report for the Board annually or as directed by the Board
  • Verifies closure of the books and their submission for audit as required by the Board and law
  • Recommends to the Board of Directors of La Leche League International an appropriate line of credit annually. See Line of Credit Policy.
  • Approves, with the Board Chair/co-Chairs, signatories on all accounts annually or when personnel changes occur.
  • As requested by the Audit Committee, reviews, and suggests corrections to the Audit Report prior to its presentation to the Board, and approves the required financial tax reporting prior to presentation to the Board. See Form 990: Board Review Prior to Filing and Audit.

(Oct 20)