The baseline time requirement for the Treasurer is around 1 hour a week, with an additional hour at the end of the month. The role holder however is free to offer more of their time to committee business outside the scope of being Treasurer.
Have an hour a week a spare? Then read on!
Why should I take on the role?
For someone who wants to get a taste for playing a key leadership role but doesn’t have masses of spare time, being Treasurer is a great option. It’s not a time consuming or complicated job, meaning the role holder gets a seat at the table and a chance to participate in making crucial decisions for the club.
Organising the finances for a club such as Spa Speakers is very similar to organising the finances for a small business. If finances scare you or represent an obstacle to your aspiration of running your own business, this might be a good learning ground for you. The current role holder will coach you till you are ready to take on being Treasurer single-handedly. Handy!
You would be responsible for collecting fees
For Spa Speakers to be a President’s Distinguished Club, membership dues need to be collected and paid through to Toastmasters International on time. Therefore the Treasurer plays a key role in maintaining our strong record as a President’s Distinguished Club.
This role is not purely financial: for the Treasurer to be effective, he will get to know every single member of the club, understand if they are renewing, and if not, why. That information can help the committee understand and plan its activities (e.g. will we need to recruit more members to ensure we have enough funds to pay rent etc.)
You would be responsible for paying all our expenses
The club needs to pay rent, web and marketing fees, and other incidental expenses throughout the year. The Treasurer is responsible for making payents on time, keeping accurate records to ensure we are in financial control, and ensuring we adhere to the relevant rules regarding how club funds are spent so we operate responsibly and in the best interest of our members.
You would be responsible for budgeting and planning
At the beginning of the year, the Treasurer would map out a budget based on anticipated expenses and membership fees to determine the financial health of the club, and whether we need to raise fees, recruit more members or spend less to keep us running. If we have a strong financial position, then potentially the club could use its funds to invest in the club to improve it. The budget would be revised periodically throughout the year to ensure it remains accurate (e.g. we might see more members leave or more members recruited than anticipated at the start of the year, impacting revenue)
You would be responsible for financial reporting
Each month, the Treasurer will collate the financial data for the club to report on its current position to the committee and to make sure everything is in order. The Treasurer would also prepare a financial report for the pleasure of the club members every 6 months, so they can see how their fees are being spent, and to give them the oppportunity to challenge how they are being spent.
You would be responsible for making sure we spend club funds responsibly
As Treasurer, you make sure the committee doesn’t go crazy and waste club funds on unnecessary expenditure. Members pay dues, and it’s the responsibility of the committee to spend it thoughtfully and responsibly. The Treasurer should question and challenge expenditures in advance of them being made on behalf of the members. A very important function! As custodian of the Spa Speakers debit card and bank account you have the power!
The treasurer would also make sure the accounts are in an auditable state a month before the end of the Toastmasters year: the committee will, as per best practices outlined in the club leadership handbook (p54), elect an independent audit committee from within the membership but outside of the committee to review the club’s spending and report back to the club their findings. This practice ensure the club has been run in a financially responsible way and provides a great incentive for the treasurer to balance the books!
Woah, that sounds pretty complicated…..
Once you get the hang of the role, it’s actually far less complicated than it sounds. In fact it’s quite straightforward, but does require some competency with numbers and access to MS Excel.
As you can see, the Treasurer is a vital role for the club, and there is huge scope for learning for the right person. If you are interested and want to find out more, get in touch with the committee at the next meeting OR email email@example.com.
We’d love you to be our Treasurer!