Responsibilities of Treasurer (effective May 2019)

Treasurer

PHS qualifications:

1)  Must have a minimum GPA of 4.00 and A’s in all math classes taken at PHS (geometry may be excused from that requirement).

2) Position is for one semester, but if duties are met satisfactorily, it will be automatically renewed for second semester.

3) Recommendation of one of your math teachers.

4) Will be the student leader in setting up both the needy family shopping drive and the Thanksgiving basket drive.

The treasurer’s primary responsibility is to keep accurate records of all financial transactions of the student council and periodically report a summary of these transactions at meetings. The treasurer predicts how money will be used in the future and makes concrete suggestions for saving money and increasing efficiency. To do the job correctly, a treasurer must keep track of all expenditures and add the appropriate transactions to the books. The treasurer should be the person concerned with regulating the flow of money, especially when many people want to spend it.

The treasurer will be expected to:

• Be the chief financial officer for your student council.
• Know nearly everything about money, accounting, and budgeting.
• Be called upon to give financial advice.
• Be able to research and develop cost analysis.
• Keep accurate records of the council’s finances.

The Treasurer’s Challenge

To be successful, the student council treasurer must know how to handle many types of situations. The treasurer must be mature, organized, have sound judgment, and have the ability to work with many different kinds of people and personalities. Money management is a very serious responsibility. For this officer’s safety, it must always be done with adult supervision and assistance so that no student is put in a potentially compromising position with the handling of money. There is also the practical side of being treasurer that requires energy; careful time management; and a good, trusted relationship with the adviser, school bookkeeper, president, and council members.

Typical Duties

• Work closely with the student council president and adviser on all planning.
• Work with the school financial officer or bookkeeper to learn and follow acceptable procedures.
• Keep accurate, complete, up-to-date records of all student council monies.
• Authorize payment vouchers, review purchase orders, and give final approval before invoices are paid.
• Review and evaluate budget requests for committee projects by their cost and potential benefit to the council/school and make recommendations for future activities.
• Chair the finance/budget committee.
• Assist in preparing the budget, present a proposed budget to the executive committee for approval, and help explain budgetary items to the membership.
• Prepare a financial report for meetings of the council.
• Aid the fundraising committee.
• Work with the president and adviser to keep the principal informed of student council activities and financial status.
• Participate in student council-sponsored activities.
• Meet deadlines and achieve goals.

Managing the Money

One of the most important tasks of the treasurer is to exercise sound accounting judgment. The treasurer is the most important technical position in an organization and he or she must be honest, accurate, and dependable. Each school manages student finances differently, but all use basic accounting practices that are common to good money management. You must know these practices and also basic planning and budgeting techniques.

To do the job well, the treasurer should:

• Become very familiar with accounting software packages that are available at your school.
• Be sure that chosen council projects are entered into legally by an adult. Students cannot enter into legal contracts or payment for services/products. District or school financial officers know regulations; always work with them.
• Make sure all executive council members abide by financial rules set by the principal, adviser, and treasurer.
• Develop skills and techniques to effectively present financial reports. Reports must be submitted regularly to the adviser, council, and principal.
• Draw on resources such as the library and NatStuCo publications for new ideas for fundraising project ideas and procedures.

Developing a Budget

Organizations that handle money should never try to operate without a budget. Think of it as the business plan for the student council. The process of determining the council’s budget should rest with a budget or finance committee guided by the treasurer and the adviser.

When starting to prepare the annual budget, the treasurer will need to review the expenses of the previous year as well as previous budgets. Have each committee submit requests for project money that they will need throughout the year. Also take into consideration operational costs using former budgets/financial reports as a guide. Look for areas that could be cut, list priorities, and determine the amount of money needed for each activity. Include extra money for unexpected items or projects. Estimate the amount of revenue that can be anticipated from revenue-generating activities such as dances or fundraisers.

Using all of this information, the treasurer can put together a budget using a computer spreadsheet; determine income and expenses and see how they can balance; and make recommendations to the adviser, council, and principal.