Being elected as volunteer treasurer of an organisation is a great opportunity to give something back to your community as well as for your own learning and personal development.

The role brings with it some important responsibilities.

  • In many smaller not for profit organisations the volunteer treasurer is often the only person who manages the finances and controls the money.
  • In addition, there is some chance you have had little bookkeeping or accounting skills and or a level of understanding about the legal and compliance requirements.

Both of those things leave you exposed to potential problems like Robin Hood without a bow and arrow. If no one else really understands accounting and bookkeeping they will see you as being totally responsible for the books. Of course you’re not, but the rest of the committee may not involve themselves in what you are doing.

It is also possible that you have taken over the role of volunteer treasurer from someone who had little accountability to the committee because of their lack of understanding or interest. You don’t know what you might find when you start going through the records.

As treasurer, you need to ensure you have strong systems and controls in place. This is not just good financial management practice but also provides accountability and transparency for what you are doing as a treasurer.

In this next series of posts we will help you settle into the role of treasurer and to set up the proper practices that every committee should have in place.

Tomorrow we will look at the handover of records and tell you what you need and what you don’t. See you then.