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Treasurer

Role Statement

Providing the expertise in a key role at OC, the Treasurer works collaboratively with the President to support the Board in achieving its fiduciary responsibilities.


The Treasurer is a voting member of the OC Board.


Note: the financial year for CFUW Ontario Council is from April 1st to March 31st.


Responsibilities:

Custody of Funds


  1. The Treasurer shall have the custody of the funds and securities of the Corporation and shall keep full and accurate accounts of all assets, liabilities, receipts and disbursements of the Corporation in the books belonging to the Corporation and shall deposit all monies, securities and other valuable effects in the name and to the credit of the Corporation in such chartered bank or trust company, or, in the case of securities, in such registered dealer in securities as may be designated by the Board from time to time.

  2. The Treasurer shall disburse the funds of the Corporation as may be directed by proper authority taking proper vouchers for such disbursements and shall render to the President and directors at the regular meeting of the Board, or whenever they may require it, an accounting of all the transactions and a statement of the financial position, of the Corporation.

  3. The Treasurer shall also perform such other duties as may from time to time be directed by the President or Board.

Insurance

The Treasurer shall:

  1. Obtain quotes for insurance renewal prior to termination date and determine need to obtain additional quotes.

  2. Work with insurance broker to arrange the renewal of liability insurance and directors’ and officers’ insurance coverage. Provide information to broker as required.

  3. Update Insurance Fact Sheet on website for OC Clubs.

  4. Obtain specific insurance liability certificates as required throughout the year by individual OC Clubs.

  5. Respond to queries from Clubs on insurance coverage throughout the year.

General:

The Treasurer will:

  1. Maintain a high standard for Board conduct and uphold policies and Bylaws regarding Directors’ conduct, with particular emphasis on fiduciary responsibilities.

  2. Serve as a mentor to other Directors and to OC Club Treasurers if requested.

  3. Present to the Members at the Annual General Meeting as part of the annual report, the financial statement of the Corporation approved by the Board together with the Compilation Engagement Report of the Accountant or of the person who has conducted the review engagement, as the case may be.

GENERAL DUTIES

  1. Attend executive meetings, Speaker Series Meetings and the AGM in May

  2. Strike and Chair the Finance Committee

  3. Prepare budget to reflect all activities planned for coming year including Speaker Series, In-Person or Virtual AGM and Board meetings.

  4. Present budget and financial statements for approval to Board and then at AGM

  5. Update Financial Policies document as required.

  6. Ensure that Financial Policies are followed during the year.

  7. In years where there is one (1) in-person Speaker Series meeting:

  • receive and record registrations

  • issue receipts to registrants

  • issue cheques to those clubs who request travel subsidy with registration

  • staff registration desk at Speaker Series meetings to receive registrations at the door and check off prepaid registrants

  • bring cash float, receipt book etc.

  • give numbers to board approximately 7 days before meeting

  • give final lunch numbers to OC Secretary after registration

  • pay requested items before leaving the day of the meeting

8. Prepare and send out invoices for annual dues and insurance.

9. After approval by President, pay all expenses for Board and

    organization.

10. Maintain accurate timely financial records for Corporation using

      appropriate software.

11. Renew and cash GICs as required.

12. For an in-person AGM, work with President and LAC on AGM

      budget to avoid or minimize any deficit from AGM.

13. Review applications from Clubs for Loans and Grants as      

      outlined in financial policies.

14. Ensure that the terms of Loans and Grants are met including

      repayment of loans and submission of budgets and financial

      reports for grants.

15. Maintain record of Cubs receiving Loans and Grants to ensure

      only paid once to Club in three-year period.

16. Forward all books and year end financial statements and    working papers to accountant for review in April.

17. Along with the Secretary, ensure that corporate government

     requirements are met including filing the annual T2 Tax return     with Revenue Canada and updating the Ontario Business Registry.


WORK PLAN

April:

  1. First year of Biennium: Liaise with bank to change signing authorities on account to new Board members. Oen bank account, order cheques, review GICs and renew if necessary.

  2. Second year of Biennium:

  • Prepare year end financial statements with supporting documentation. Forward books to accountant for review and preparation of report.

  • With President and Finance Committee finalize budget for the coming year and update related budget detail.

  • Circulate to Executive for comment and approval.

  • Finalize budget and statements for Business & Finance Booklet to meet deadlines for May AGM.

May:

  1. Ontario Council AGM - present financial statements and accountant’s report for approval by membership

  2. Present budget for current year as approved by Board.

  3. Move appointment of accountant with honorarium.

  4. Pay insurance premium and monitor Certificates of Insurance.

  5. Send and record Small Club AGM Grants as requested.

June/July:

  1. Handle expense claims/bills as received

September/October

  1. Registration for Speaker Series (see general duties)

November/December:

  1. Registration for Speaker Series (see general duties)

  2. Develop contact list for Club Treasurers.

  3. Prepare club invoices for annual dues and insurance to go out in January.

January:

  1. Send out invoices for annual dues and insurance.

  2. Present 9-month financial picture compared to budget.

February:

  1. Record annual dues and insurance as they are paid.

  2. Notify appropriate RD about clubs who have not yet paid. Follow up with Clubs to ensure that dues are remitted.

  3. Notify all RDs and President when all Clubs have paid; provide a summary of the dues and insurance levy.

  4. Registration for Speaker Series (see general duties)

March:

  1. Statement of income and expenses for executive meeting

  2. Ask that all expense claims be submitted by March 31 for year end.

  3. Close books the end of March.

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