Created: August 9, 2021 at 4:57 PM | Updated: February 5, 2024 | By NZ Navigator Trust
What's involved in being a treasurer of a not-for-profit group?
The treasurer is usually appointed at the annual meeting and tasked with keeping the finances healthy so the organisation can achieve its mission.
Anyone taking on the role of treasurer in a not-for-profit organisation must have - or needs to learn - a basic understanding of accounting and a working knowledge of the laws governing the organisation's operation. This may sound daunting, but most accounting is commonsense once you understand the basics - it is about money coming in, and money going out.
Some people on the board may not have well developed financial skills and you need to be able to explain your reports simply and clearly. Remember that financial terms such as accrual and cash accounting mean nothing to some people, so explain the financial jargon.
Being treasurer of a community organisation is a great honour, and a great responsibility. An active and alert treasurer can ensure their community group is able to extend its activities, resulting in greater benefits to the wider community. It's a big job - while you may be able to delegate some duties to staff and volunteers, you can't delegate the responsibility.
The main duties of a treasurer are to oversee the financial administration of the organisation, review procedures and financial reporting, advise the board on financial strategy, and advise on fundraising.
Click on the link to read more.
You can also download the Damn Good Advice for Treasurers which explores the 25 questions a not-for-profit treasurer needs to ask.
Note: these resources are written from an Australian point of view. While many of the concepts are universal, be aware that some of the reporting and legal requirements are different for New Zealand organisations, particularly charities.
Refer to https://www.charities.govt.nz/reporting-standards/ for New Zealand-specific information.
What's involved in being a treasurer of a not-for-profit group? (opens in a new window)