Treasurer

Treasurer Role

The Treasurer is an elected officer of the League of Women Voters of Williamsburg Area and serves as the custodian of the organization’s funds. This page summarizes the Treasurer’s formal responsibilities under the LWV-WA bylaws and provides a working outline for documenting current procedures.

This is intended to be a living reference for the current Treasurer, future Treasurers, officers, and Board members. Additional practical details should be added after reviewing current financial records and interviewing the Treasurer.

Position on the Board

Under the LWV-WA bylaws, the Treasurer is one of the four elected officers of the organization, along with the President, Vice-President, and Secretary. Officers must be voting members of LWV-WA. They are elected by the general membership at the Annual Meeting, serve two-year terms, and take office on July 1.

The Treasurer also serves as a member of the Executive Committee, together with the President, Vice-President, and Secretary. The Executive Committee may exercise authority delegated to it by the Board and reports to the Board on actions taken between regular Board meetings.

Core Bylaw Responsibilities

The bylaws assign the Treasurer responsibility for receiving, safeguarding, depositing, and disbursing LWV-WA funds. The Treasurer’s core duties include:

• Collecting and receiving all moneys due to LWV-WA.
• Serving as custodian of LWV-WA funds.
• Depositing funds in a bank designated by the Board.
• Disbursing funds only upon order of the Board.
• Ensuring that receipts are provided for all expenditures made on behalf of LWV-WA.
• Ensuring that expenditures over $100 receive prior Board approval.
• Presenting financial statements to the Board at regular Board meetings.
• Preparing and presenting an annual report for the Annual Meeting.
• Signing contracts or other instruments with the President when authorized by the Board.
• Maintaining books that are reviewed annually by the Chair of the Budget Committee.

Financial Reporting

The Treasurer provides regular financial statements to the Board. These statements help the Board understand the organization’s financial position, monitor income and expenses, and make informed decisions about programs, events, reimbursements, and other obligations.

The Treasurer also prepares an annual report for the Annual Meeting. This report should summarize the financial condition of LWV-WA for the fiscal year and provide members with a clear picture of income, expenses, fund balances, and any major financial issues.

Budget Process

The Board appoints a Budget Committee at least two months before the Annual Meeting to prepare a budget for the next year. The proposed budget is sent to members one month before the Annual Meeting.

Under the bylaws, the Treasurer may serve on the Budget Committee but may not serve as Chair of the Budget Committee. The Chair of the Budget Committee is also responsible for reviewing the Treasurer’s books annually.

Relationship to the President

The Treasurer and President share certain financial responsibilities. The President may sign or endorse checks, drafts, and notes in the absence of the Treasurer. When authorized by the Board, the Treasurer signs contracts or other instruments together with the President.

These shared responsibilities help provide continuity and oversight while keeping financial action tied to Board authorization.

Current Procedures to Document

The following practical procedures should be confirmed with the current Treasurer and added to this page or to an internal Treasurer manual:

• Name of the bank or banks used by LWV-WA.
• Who has signing authority on bank accounts.
• How deposits are received and recorded.
• How checks, electronic payments, reimbursements, and other disbursements are handled.
• How receipts are collected, stored, and matched to expenditures.
• What accounting software, spreadsheet, or recordkeeping system is used.
• How ClubExpress transactions, donations, event payments, and membership-related funds are reconciled.
• How often bank statements are reconciled.
• What reports are prepared for regular Board meetings.
• What is included in the annual Treasurer’s report.
• What records must be retained and where they are stored.
• What information a successor Treasurer needs in order to take over smoothly.

Suggested Annual Cycle

This section should be expanded after the Treasurer interview. A working annual cycle may include the following:

• Monthly: Record deposits and payments, reconcile accounts, prepare Board financial statements, and monitor reimbursement requests.
• Before Board meetings: Prepare a Treasurer’s report and identify any items requiring Board approval.
• Budget season: Provide financial information needed by the Budget Committee.
• Before the Annual Meeting: Prepare the annual Treasurer’s report and support distribution of the proposed budget.
• After the fiscal year closes: Finalize records for the year and support the annual review of the Treasurer’s books.
• Transition period: Provide records, access information, procedures, and open-item notes to a successor Treasurer.

Interview Questions for the Treasurer

To complete this job description, the following questions should be reviewed with the current Treasurer:

• What financial tasks do you perform every month?
• What tasks happen only once or twice a year?
• What records do you keep, and where are they stored?
• What software, spreadsheets, bank portals, or ClubExpress reports do you use?
• What reimbursement process is currently used?
• How are donations, event payments, and membership-related transactions tracked?
• What financial reports does the Board expect?
• What are the most common problems or delays?
• What does a new Treasurer need to know immediately?
• What documents, passwords, contacts, or permissions must be transferred during a transition?

Succession and Continuity

Because the Treasurer handles essential financial records and access, the role should have clear continuity procedures. A successor Treasurer should be able to identify the bank, accounts, reporting system, reimbursement process, current obligations, and key deadlines without relying solely on informal memory.

This page should therefore be reviewed and updated whenever procedures change, after each Treasurer transition, and at least once each year before the Annual Meeting.