Treasurers Workshop Welcome to our Treasurers Workshop Housekeeping - - PowerPoint PPT Presentation

Treasurers Workshop

 Welcome to our Treasurers Workshop  Housekeeping  A little about me  Introductions

 Overview of the Workshop & Participant

Expectations - 15 minutes

 The Role of Treasurer, Must Do, Should Do,

Could Do - 10 minutes

 Small Group Work – 45 minutes  Morning Tea – 15 minutes  Financial Oversight – 15 minutes  Budgeting & Organisational Financial Planning

– 15 minutes

 Financial Management, Banking &

Recordkeeping – 10 minutes

 Asset Management – 10 minutes  Financial Responsibility Delegation – 10

minutes

 Q&A – 10 minutes  Workshop Review – 10 minutes  Where to from here? - 5 minutes  Workshop Close

My expectations…

 Manage the time we have to cover and

discuss key points

 Provide opportunities for all the experience

and skill we have attending today to share their knowledge

 Provide a refresh point and link those who

need it with relevant and practical information Your expectations?

As a Treasurer you should be well informed about your responsibilities, these are outlined in the following documents

 A guide to operating an Incorporated

Association in Queensland

 Your organisations Constitution  Your organisations Policies & Procedures  Your Position Description or documented

Work Instructions

 Any other key documents that a Treasurer

should be aware and reference while undertaking their duties?

Incorporated Associations SmartBu Busines iness A guide to operating an incorporated association in Queensland Office of Fair Trading www.qld.gov.au/fairtrading April 2016. Financi ancial al Obliga gati tions,

• ns, page

ges s 32 - 38 38

 Who has read this document in the past 12

months?

 Most relevant and helpful sections?  Who has read their organisations Constitution

in the past 12 months?

 If yes, were there any areas relating to the

• rganisations financial activities identified as

needing a change or updating?

 Ensure that the organisation meets all its

financial related legal requirements

 Carry out financial activities in line with the

• rganisations Constitution

 Carry out your role as Treasurer in line with

your organisations Policies & Procedures or agreed work instructions

 Any tasks or activities that should be added

to Must Do?

 Have clearly documented Policies &

Procedures (or work instructions) related to the organisations financial activities

 Keep up to date with any changes to the

• rganisations legal and funding body

requirements

 Work with fellow Management Committee

members to develop and implement an approved annual budget

 Any tasks or activities that should be added

to Should Do?

 Assist in the recruitment and mentoring of

potential successors

 Develop a well structured handover process

that is documented and provides the

• rganisation with an ongoing level of

financial stability

 Any tasks or activities that should be added

to Could Do?

 Break into small groups of 8/10. Each group

is provided with a question or scenario to discuss and record key points and responses (15/20 minutes)

 Return to Workshop. Each groups

spokesperson reads out their question or

• scenario. Spokesperson reads through their

key points and responses (20/30 minutes)

 The Treasurer has a watchdog role over all

aspects of the organisations financial management

 The Treasurer should work very closely with

• ther members of the Management Committee to

safeguard the organisations financial sustainability

 The Treasurer acts as an information source for

the Management Committee regarding legal requirements, proposals, current financial status and supplying supporting documentation

 The Treasurer will oversee and present

budgets, accounts and financial statements to the Management Committee

 General Meetings - Treasurer’s Report

The Treasurer provides members with a financial report. The Treasurer moves for the Report to be received, another member must second the motion, and then the Report can be discussed

 Liaise with relevant staff or volunteers about

the organisations financial matters

 Ensure that appropriate financial systems and

controls are in place

 Ensure that record keeping and all financial

activities meet the requirements of funding bodies

 Ensure compliance with all relevant legislation

 What are the short term effects/risks of an

• rganisation not having a well developed and

implemented financial oversight process?

 What are the long term effects/risks of an

• rganisation not having a well developed and

implemented financial oversight process?

As Treasurer you need to be on top of your finances so the organisation knows how well it is tracking against the approved budget and how to respond if unexpected problems arise A small finance sub-committee can work closely with the Treasurer to develop a full analysis of the organisations finances, short term, medium and projected long term sustainability

 This analysis gives the Management

Committee the ability to make informed decisions about future income or expenditure and organisational activities

 You should compare actual financial

performance against predicted financial performance so the Management Committee understands the state of the organisations finances before making decisions

 What are the barriers to undertaking

budgeting and financial planning in many

• rganisations?

 Key reasons why these barriers must be

• vercome and these activities undertaken on

a regular basis?

 Many small not–for–profit organisations don’t

employ staff, so the Treasurer has to do the banking, depositing cash and cheques, paying the bills and tracking income and expenditure throughout the year These tasks can include…..

 Keeping up–to–date records as well as an audit trail for all

transactions

 Protecting the organisation against fraud and theft by

ensuring safe custody of money and prompt banking

 Making sure the Management Committee understands its

financial / legal obligations

 Making sure the organisation complies with tax

regulations, such as GST, payroll tax and fringe benefits tax

 Reviewing all internal processes and reporting methods at

least annually

 Any other tasks or activities that may be

undertaken by the Treasurer?

Asset Register

 The Asset Register is a place for your

Incorporated Association to record the details

• f all assets acquired and owned since

incorporation.

 You need to include details such as the date

• f acquisition, cost, depreciation, location (if

applicable) and disposal of assets.

 This Register will assist your Management

Committee to keep track of your association’s assets, and will be needed at audit time Your thoughts…….

 Do you have this in place, if yes how well

does it work?, how often is it updated? If not, why not?

Essentially, delegation is the efficient

allocation of powers to people with the appropriate ability and/or experience

While you may be able to delegate some duties

to staff or other volunteers, you can’t delegate the responsibility you hold as Treasurer

Who could be delegated some of your

• rganisation financial responsibility?

Benefits to delegating some areas of financial

responsibility?

Risks / negatives in delegating some areas of

financial responsibility?

 The Role of Treasurer, Must Do, Should Do,

Could Do

 Small Group Work  Financial Oversight  Budgeting & Organisational Financial Planning  Financial Management, Banking &

Recordkeeping

 Asset Management  Financial Responsibility Delegation

 Access to Workshop information  Requesting more information to support you

and your organisations activities

 Requesting support, mentoring or future

Workshops

 Thank you for coming  Thank you for participating  Thank you for sharing  Thank you for all that you do for our

community

Have a blue sky day