A treasurer is referred to as that person who oversees the treasury, or monetary stores, of a government or other body. Treasurers are commonly employed by clubs, corporations, and nonprofit organizations, as well as national and local governments. In the original use of the term, a treasurer was considered to be that person who was entrusted with the oversight of a noble’s wealth, or treasure.
Responsibilities of a treasurer
The responsibilities of a treasurer includes the maintenance and administration of funds, generating revenue, and keeping financial records. Financial reports for their employers are created by the treasurers and they also analyze past financial records in order to predict future trends and plan appropriate budgets.
Role of Treasurer in Government
There is a variation in the role of the treasurer in governments around the world. For instance, in the United States, the Treasurer does not have direct control over all the actions of the Treasury, but he or she has to reports to the Secretary of the Treasury and has limited financial authority, mostly his or her authority is related to the minting and printing of currency. On the other hand, in the Australian government, the Treasurer is second in importance only to the Prime Minister.
Role of Treasurers in Corporations
In a corporation, typically the treasurer is in charge of all financial matters. Corporate finance consists of maximizing the value of the corporation while at the same time reducing financial risk. Investments, debt, and expenditures are managed by the corporate treasurers and they also advise the corporation on financial matters. Corporate treasurers also make sure that in order to achieve its goals and run smoothly a company has adequate cash flow.
Role of Treasurers in Nonprofit organizations and clubs
Nonprofit organizations and clubs often appoint a treasurer for the purpose of handling funds and they make sure that they are appropriately spent. It is also the responsibility of the treasurer of such an organization to generate income, such as through seeking sponsorship or organizing fundraising events. He or she must also have to maintain a budget, keep records and documentation on all financial transactions, and also to keep other officers abreast of financial matters.
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