Once you become volunteer treasurer it is a great idea to meet with the previous treasurer and ensure there is a proper handover. That gives you time to ask questions about the financial history of the organisation and find out the things you need to be aware of. It’s also the best way to take collection of the accounting records.

The main records and information that should be passed over include:

  • Details of bank accounts: This includes a current list of signatories, credit cards, bank statements, deposit books and account access details for any online facilities. It is important to update signatories and change account access details as soon as practical.
  • Accounting records: Whether these have been kept manually, via Excel spread sheets or on accounting software make sure they are complete and in order. If there are any unclear issues then try and seek an explanation from the previous treasurer.
  • Accounting reports: Accounting reports such as the profit and loss, balance sheet, cash flow statements as well as the previous annual report.
  • Audit Report: Review the most recent audit report and speak to the auditor to discuss any relevant issues.
  • Meeting records: Make sure the minutes of meetings are up to date and this also includes any subcommittee meeting minutes.
  • Policy Manual: Review the policy manual and in particular policies associated with the financial management of the organisation.
  • Asset Register: This is important for not only tracking the assets including when they may need to be replaced but also can assist with determining the level of insurance you may require.
  • Outstanding Accounts: If you are responsible for processing the transactions then make sure you receive details of outstanding accounts that need to be paid.
  • Revenue: Review the sources of income for your organisation and ensure that payments are up to date.
  • Grants Listing: Your organisation may receive funding from the Government so a register will make it easier to track the details of the grants.
  • Membership or Subscription details: Most organisations be it a sporting club, kindergarten or any other community organisation will usually have a membership or subscription fees so having an accurate up to date list is important.
  • Petty Cash: The petty cash system should be up to date and reconciled.
  • Credit facilities: Often small organisations have credit arrangements with local suppliers where staff, volunteers or committee of management members can obtain items without payment as an invoice will be submitted at a later stage. As such, obtain a listing of these organisations and who can access these facilities. While there may be practical use for these arrangements ideally they are not good financial practice and can be mismanaged resulting in higher than expected expenditure or in some cases unauthorised expenditure.
  • Payroll Records: If your organisation has paid staff then ensure payroll records are accurate and up to date.
  • Contracts Register: Your organisation may have contracts in place that could relate to maintenance of facilities, servicing of equipment or purchasing agreements that need to be monitored and tracked.
  • Taxation Records: Your organisation may need to be paying taxes related to GST, PAYG and in some cases FBT so make sure they are up to date.

Depending on your organisation there may be many other types of records and information you require. The main issue is to ensure when have just become volunteer treasurer that you have all the relevant information available and that ideally it is in order.   You may now wear the green tights and feathered cap with pride.