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, ons, 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 organisations 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 organisations 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 organisations 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 organisation 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 other 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 organisation not having a well developed and implemented financial oversight process? What are the long term effects/risks of an organisation 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 organisations? Key reasons why these barriers must be overcome 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 of all assets acquired and owned since incorporation. You need to include details such as the date of 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 organisation 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
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