The Treasurer shall maintain all of ACE's financial records, shall supervise all deposits and disbursements of funds at the direction of the President, shall report all financial transactions in writing to the President on a monthly basis, shall ensure that all Officers and Directors prepare an estimate of their expenses to assist in the preparation of the annual budget, shall prepare the annual financial statement including an independent review, and shall assist the President in all financial planning.
The Treasurer should possess a thorough knowledge of financial reporting concepts including accrual accounting, balance sheet and profit and loss statements. The candidate should have experience translating financial information and concepts to communicate with others. The individual should also understand the budgeting process and how to maintain timely reports, along with understanding how strategies affect the operating budget of an organization. The Treasurer is required to submit a criminal background check including a 10-year employment history.
Responsibilities and duties include:
1) Monitor the general financial condition of the organization and review all expenditures to verify that amounts are correct and expenses are appropriate.
2) Review ACE’s monthly financial reports, including balance sheet and income statement. The association manager maintains the official check register and bank account statements and prepares monthly income and expense statements, which are provided to the Treasurer. The association manager oversees deposit of dues and other income directly into ACE’s bank accounts, prepares checks for expenditures, and reconciles bank accounts every month.
3) Provide a summary report of ACE’s financial position and status at each Executive Committee meeting and at the Annual Business Meeting, including end of year reporting.
4) Review expenditures following the President’s approval. The President reviews and approves all expenses before the association manager issues a check. The Treasurer reviews the expenses to verify the amounts and that the appropriate account codes are used.
5) Prepare the annual budget with input from Executive Committee members. The budget is prepared prior to the beginning of each fiscal year, for approval at the fall Executive Committee meeting, to estimate anticipated income and expenses.
6) Manage ACE’s investments in consultation with the Finance and Investment Committee and ACE’s financial advisors. Investment activities are guided by ACE’s Investment Policy Statement.
7) Determine event prices in consultation with the President and Events Director. The Treasurer, President, and Events Director review costs associated with each event, including park admissions and food service, and determine registration fees to be charged for each event.
8) Ensure appropriate non-profit tax reporting forms are filed on time with the IRS. This involves working with ACE’s association manager and accountant to file the IRS Form 990 for non-profit organizations that must be submitted by May 15th each fiscal year.
9) Co-sign all checks with amounts of $2,000 or more. ACE’s association manager has the authority to sign checks of amounts less than $2,000. All checks for amounts of $2,000 or more or written to ACE’s association manager must be co-signed by the Treasurer.
10) Receive funds collected at ACE events, such as auction proceeds, but not registration funds. A summary report is prepared for these receipts, and the funds are sent to the association manager to be deposited in the appropriate accounts as indicated by the Treasurer.
11) Review and approve the President’s expenses. The President’s expense reports are submitted to the Treasurer to verify amounts, appropriate account codes, and corresponding receipts. The Treasurer approves the President’s reports and submits them to ACE’s association manager for payment.
12) Perform such other duties as may be assigned by the President.