You are not alone if you are uncertain about your role and responsibilities and how you will be able to complete the task while assisting your organization in succeeding. A nonprofit organization’s treasurer has a big job to do, and performing it well is a significant challenge. In this article, you will read about a good non-profit organization treasurer and if you want to know more about other QuickBooks topics like how to pay credit card accounts on QuickBooks desktop and how to manage to intuit online account then click on this link.

However, with the right approach, abilities, and accounting knowledge, you can succeed in your new position and propel your non-profit organization into a more promising financial future.

 7 Qualities Possessed by All Great NonProfit Treasurers:

  1. Critical Thinking – In order to offer suggestions for forthcoming financial decisions, you should be able to evaluate the policies, practices, and financial situation of your organization.
  2. Organizational Skills – All successful treasurers have outstanding organizational skills. They are meticulous in their work and maintain perfect records.
  3. Strategic Planning – In order to accelerate the development and future success of their organization, treasurers must be able to synthesize cause-and-effect scenarios with regard to potential financial decisions the organization will make.
  4. Creativity – In a growing and evolving organization, fresh thinking and creativity are essential when it comes to raising money and reducing costs.
  5. Clear Communication – In one sense, treasurers represent the board’s financial interests as financial ambassadors. The treasurer of an organization must be able to explain complicated financial ideas in plain language that is free of jargon.
  6. Basic Accounting Skills – If given the chance, non-profit organizations would only choose candidates with CFO or controller-level accounting expertise. However, nonprofit boards typically only demand that their treasurers have rudimentary accounting knowledge and a willingness to learn more.
  7. Understanding the Bylaws of Your Nonprofit Organization – You can maintain the organization’s finances to the standards set by the organization’s bylaws and those of your local, state, and federal governments by having a solid understanding of them.

Checklist: Transitioning into Your New Role

Once you have been elected or appointed treasurer, there are a few housekeeping duties you should take care of straight away.

  • Set up a meeting with the departing treasurer to transfer files, discuss any issues, and find out what your new responsibilities will be.
  • Request all prior budget data and any financial records related to purchases and events.
  • To ensure a smooth transition, create a timeline or electronic calendar that lists the dates of all upcoming payments, including bills.
  • Create a preliminary budget early on and request that the former treasurer verify your work.
  • Ask the former treasurer if the company has any pending payments or income that isn’t on record that you ought to be aware of.
  • Obtain the details and records for every bank account. Obtain the bank forms needed as soon as possible to update signature cards and online account access.
  • Transferring credit card authorizations is also necessary.
  • Have all checkbooks and credit cards owned by the previous treasurer handed over to you.

As Treasurer, Don’t Make These Mistakes!

To ensure success as treasurer, you should never:

Neglect Separation of Duties and Access Control – Treasurers need to be protected in every organization just as much as the organizations they work for do. Follow the established procedures and make adjustments if you see lax policies. Despite the fact that your predecessor didn’t do a good job of it, don’t be afraid to enforce protocol.

Ridicule Your Financial Reporting Obligations – The timeliness of the financial information available directly affects the board of directors capacity to make wise decisions regarding strategic planning, costs, staffing, and finances. If you don’t maintain your financial records and reports, the board won’t have reliable information to make decisions.

Give Tax or Legal Advice – Depending on how each donor’s particular financial situation fits into their local tax laws, contributions from donors may or may not be deductible. Instead, you should suggest that donors check with their CPAs or tax lawyers to see if they can deduct their donations and contributions.

Make Undocumented, Unapproved Decisions – Some people may believe that treasurers are in possession of the kingdom’s keys. Never overstep the boundaries of the board of directors and/or executive directors’ authority.

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