1. Document purpose
To outline the role and responsibilities of a Treasurer.
2. Role summary TO:
- Oversee the finances of the u3a in line with good practice and in accordance with the u3a’s constitution, the wishes of the committee and UK charity legislation
- Put in place simple, transparent accounting procedures intended to protect the membership’s monies and anyone handling money, especially cash, on behalf of the u3a
- Take day to day responsibility for the u3a’s finances
- Provide the committee with regular financial reports
- Provide the committee with the adequate information to allow informed financial choices
- Ensure the financial resources meet the present and future needs of the u3a
- Ensure the u3a holds adequate reserves
3. Main responsibilities
The specific tasks listed below are in addition to the statutory requirements and responsibilities of trustees of charitable organisations in the UK as laid down by the relevant regulatory bodies.
3.1. Income and expenditure
- Receive and bank all monies
- Maintain simple and accurate records of all monies received
- Issue receipts for all cash received from those acting on behalf of the u3a
- Ensure that all the u3a’s financial obligations are met quickly and efficiently
- Organise the purchase of u3a equipment as authorised by the committee
- Ensure that all expenditure is used exclusively in pursuance of the u3a’s charitable objects/purposes
- Maintain accurate records of all payments with supporting paperwork
- Record all financial transactions
- Ensure that any grants or funds received for specific purposes are designated as restricted funds and appropriately spent
- Process gift aid claims
3.2. Managing the bank account
- To open a bank account for the u3a which offers the desired facilities as identified by the committee
- Ensure the list of authorised signatories is maintained and updated as required
- Check and reconcile bank statements
- Monitor the u3a bank account(s) for fraudulent or unexpected activity
3.3. Budgeting and forward planning
- Prepare an annual budget for approval by the committee
- Monitor the budget forecast carefully, warning the committee of any potential issues
- Inform the committee of the impact changes to the subscription fee and/or other charges may have on the u3a’s financial position
- Ensure the u3a holds adequate reserves
- Maximise income from reserve funds
3.4. Sharing financial information
- Answer questions from members on the u3a’s financial position
- Prepare regular financial statements and reports for the committee which can be easily understood so that informed decisions can be made
- Prepare year-end accounts with all relevant paperwork to be examined/audited, if required by the committee, in good time for the AGM
- Present the year-end accounts at the AGM
- Keep financial records, paperwork and correspondence for at least 6 years
3.5. Policy and governance
- Ensure the u3a is financially transparent and accountable to its’ members
- Appraise the financial viability of plans or proposed strategy and advise the committee on any financial implications and risks
- Identify potential financial risks and recommend a course of action to mitigate them
- Ensure an adequate Financial Policy is in place and review this annually
3.6. On RETIRING FROM THE ROLE
- Complete a comprehensive handover to the new Treasurer