Being a Treasurer
Deanna Cortright, Finance Chair
As your Unit’s Treasurer, you are responsible for so many important items during the year. You are responsible for keeping accurate records of all income and expenditures. You must also follow any specific guidelines outlined in your governing documents regarding allowable expenses. Most expenditures require the permission of your Unit, but some could be automatically authorized in your Standing Rules or Bylaws. Some Units have specific donations that they give every year, and those could be authorized. If not specifically listed, no expenditure should be made without prior Unit approval.
Occasionally, emergency expenditures might arise. If that should happen and it cannot wait until the next membership meeting, a meeting of the Executive Committee can be called, or, in some cases, an email vote by the Executive Committee may be conducted.
You are also responsible for the Internal Revenue 990 form, which lets them know that you are in compliance with all of the rules and regulations of the IRS. As a non-profit organization, you must complete this form. If it isn’t completed, your Unit is subject to loss of your non-profit status. It is a very simple form if done timely. You can use the 990 postcard, and it takes less than 15 minutes once you have logged into the system. Many of our Units have lost their non-profit status because they have failed to process this form. If you are unsure how to process this form or are no longer listed as a non-profit, please reach out, and I can verify the information for you.
Always remember that the funds you are entrusted with belong of your entire membership. They have placed their trust in you that you will handle it with care. As always, if I can be of assistance, please let me know.