Treasurer

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Policy

The Treasurer is an officer of the Academy and shall be responsible for adequate and proper accounts of the properties and funds of the academy. (S)he shall present a balanced budget for the Board of Directors approval within thirty days of assuming office. The Treasurer shall deposit all moneys or valuables in the name and to the credit of the Academy as may be designated by the Board of Directors. (S)he shall disburse the funds of the Academy as may be ordered by the Board of Directors, shall render an account of all transactions as Treasurer and the financial conditions of the Academy to any Fellow member on written request, and shall perform all duties assigned by the President or Board of Directors.

1. Present to the Finance Committee an initial draft of the budget for the upcoming fiscal year. Responsibilities:
2. Oversee financial management systems that have appropriate checks and balances for both monies received and expended.
3. Maintain the general ledger of the organization, accurately recording income and expenses.
4. Maintain complete and accurate records of the supporting documentation for income and expenses of the organization.
5. Assure that timely invoices of existing members occurs in order to assure appropriate revenue stream.
6. Participate on the Conference Planning Committee and provide guidance to the committee in regards to the financial aspects of that meeting.
7. Implement systems to be followed by the management firm for the deposit into the organization’s account all money received by the organization.
8. Prepare and sign checks in order to pay invoices.
9. Transfer funds between accounts as necessary.
10. Assist the Chair of the Finance Committee in the periodic review and revision of the investment policy.
11. Recommend to the Finance Committee the transfer of additional funds to the investment account and assure that such funds are invested in accordance with the approved ConnAPA investment policy.
12. Advise the Board of the financial implications of actions being contemplated by the Board or committees.
13. Provide a report of the income and expenses of the organization at each Board meeting.
14. Provide a report of the financial position of the organization at least quarterly.
15. Review and renew association, directors and officers liability and general liability insurance yearly.
16. Prepare materials for the association’s accountant to insure proper reporting is made in regards to speakers who received honoraria in excess of $600.
17. Provide materials necessary for the accountant to annually provide the Board with a compiled financial statement for the organization.
18. Maintain records of the property assets of the organization.
19. Perform other duties as may be assigned by the Board.
20. Periodically review and recommend revision of the position description as needed.
21. Periodically review and recommend revision of the ConnAPA policy manual as needed.
22. Attend all officially designated Board and Academy business meetings.

Competencies

1. Previous Board of Directors experience (recommended)
2. Knowledge of basic budget and accounting principles and procedures
3. Knowledge of basic financial reporting procedures
4. Ability to communicate financial and accounting concepts to Board and general membership.
5. Attention to detail and timelines

Procedures

The election for Treasurer shall be held on years alternating with the elections for Secretary. The term of office for Treasurer will be two years. The Treasurer will assume office on July 1 of the year of their election. Candidates for the Treasurer must be Fellow members of the AAPA. Vacancies in the office of Treasurer shall be filled by a special election called by the President.

1. At month’s end, write a check to the Connecticut PA Foundation that reflects the amount collected via dues check-off. Additional Recommendations:
2. Maintain a checking account balance as required
3. Manage reserve fund monies in accordance with the following Finance Committee investment policy: to minimize account charges
“The investment objective of the ConnAPA’s Cash Reserves is to maximize total return (interest, dividends and capital gains) on principal while, at the same time, attaining a proper and responsible balance among such factors as safety of principal, liquidity, and yield. Up to 40% of Cash Reserves may be invested in stocks and mutual funds (growth investments). No more than 10% of the growth investments may be invested in any one stock..”

Annual Calendar

July

August

September

October

November

December

  • Close prior year accounting ledger.

January

  • Open next year accounting ledger and reconcile between fiscal years.
  • Assist the Chair of the Finance Committee in the review of the investment policy.

February

  • Assist the Secretary in assuring that reincorporation fees are paid annually to the Secretary.

March

  • Submit application for General Liability and Association Liability insurance policies
  • Provide bank statements and back-up documentation to the accountant for preparation of a compiled financial statement

April

  • Participate with the negotiation of the annual contract for the management firm.
  • Prepare speaker honorarium checks in advance of the Charter Oak Conference
  • Prepare checks for attendees who may require refunds of Charter Oak registration fees.
  • Provide accountant with copies of financial records as necessary to submit state and federal tax forms in time for May 15 deadline.

May

  • Provide accountant with names and social security numbers for COC speakers paid $600 or more in honoraria

June

  • Assure that tax forms are submitted to both the federal and state governments by the deadline.