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In the world of nonprofits, financial management is paramount. At the heart of this crucial function stands the treasurer – a role that goes far beyond balancing books.
A skilled treasurer acts as a financial strategist, compliance officer, and trusted advisor, helping to steer the organization toward sustainable impact.
We’ll take you through the multifaceted responsibilities of a nonprofit treasurer, offering insights for both aspiring treasurers and organizations seeking to fill this vital position. Discover how the right treasurer can transform your nonprofit's financial health and amplify its mission.
The nonprofit treasurer handles an organization's finances, playing a pivotal role in both fiscal management and strategic planning.
As a key board member, they oversee all financial aspects, from budgeting and reporting to ensuring legal compliance. Their expertise transcends mere number-crunching; nonprofit treasurers provide critical insights that inform board decisions and shape organizational strategy.
The ideal treasurer combines deep financial acumen with a genuine passion for the nonprofit's mission, making them an invaluable asset in driving sustainable impact.
7 key treasurer duties and responsibilities in nonprofits
1. Financial management
A nonprofit treasurer oversees the organization's finances. This may include thoroughly reviewing the new organization’s financial policies and internal controls and then actively enforcing these guidelines to ensure proper financial management.
2. Prepares financial reports
The treasurer creates and presents accurate year-end financial reports to equip the board and stakeholders with essential financial insights. This timely information forms the basis for strategic planning and resource allocation.
3. Ensures compliance and auditing
The treasurer upholds financial integrity by overseeing internal and external audits. This ensures compliance with regulations and best practices, safeguards assets and enhances donors' and regulators' credibility.
4. Supports financial liaison
The treasurer serves as a financial liaison, bridging the gap between complex financial data and the non-expert board members. This role extends beyond the boardroom, as the treasurer also communicates financial policies and procedures to staff.
By translating financial information into understandable terms, the treasurer ensures that all stakeholders can make informed decisions transparently.
5. Picks financial software
In some cases, a treasurer is responsible for choosing the right tools for your organization's success. They will need comprehensive tools for accounting, budgeting, and financial planning.
The treasurer is responsible for developing and overseeing the organization's annual budget, ensuring it aligns with strategic goals and mission. They also work with the fundraising and finance committee to allocate resources to various programs and operational needs.
The treasurer proactively assesses potential financial risks that could impact the organization, such as economic downturns or funding shortfalls, and develops strategies to mitigate these risks. This also extends to purchasing insurance and implementing health and safety measures.
5 in-demand qualities for a nonprofit treasurer
1. Financial expertise
Strong background in finance, auditing, accounting or related fields. Experience with budgeting, financial reports, and financial analysis.
2. Leadership
Ability to lead financial discussions and collaborate with other members of the board of directors. Provide guidance and mentorship to the organization's leaders, like executive directors.
3. Analytical and problem-solving
Skilled in assessing financial policies to maintain the organization's financial health. Ability to identify potential financial risks and develop strategies to mitigate those risks.
4. Commitment to the mission
Passionate about the nonprofit's mission and dedicated to its growth. Actively participates in the board meetings and is ready to go the extra mile to take the organization to the next level.
5. Integrity
Exemplify integrity through honesty, ethics, and transparency in all stakeholder interactions. Prioritize the organization's interests, avoid conflicts, and be accountable for their decisions.
Nonprofit treasurer salary
The average annual salary for a nonprofit treasurer in the United States varies based on factors such as the size of the organization, location, and level of responsibility.
In 2024, the average salary for a nonprofit treasurer is approximately $93,013 per year, with reported salaries ranging from $44,000 to $200,000, depending on experience and the organization's budget size.
Bonuses and profit-sharing can add between $1,000 to $53,000 annually. While some smaller nonprofits may offer lower salaries or even volunteer positions for this role, larger organizations tend to provide more competitive compensation to ensure financial oversight and stability.
Nonprofit treasurer job description sample
Check out our sample job description for a nonprofit treasurer:
Treasurer Job Listing
Treasurer
Location: [specify organization address or mention if remote] Position type: [part-time/full-time]
Organizational Overview:
Introduce your nonprofit organization by outlining its mission, values, and goals. Highlight the impact you aim to make. This section should be engaging and clearly show what sets your organization apart.
Position:
The treasurer as part of the board will support the work of [Mention organization name]. They will oversee the organization's financial management and fiscal health. This position requires a commitment to the organization's mission. It demands active participation in board meetings and finance committees.
Key Responsibilities:
Assist in the preparation of the annual budget and present it to the other board members for review.
Ensure that the right monthly and quarterly organization’s financial statements are reviewed by the board.
Oversee the filing of tax returns to ensure compliance with all regulatory requirements.
Coordinate the annual audit process, liaising with external auditors as necessary.
Devise and oversee internal controls to safeguard the organization’s assets.
Develop and put in place the nonprofit’s financial policies and investment strategies to maintain cash reserves.
Qualifications:
Bachelor’s degree in Accounting, Finance, Business Administration, or a related field; CPA or MBA preferred.
Proven experience in financial management, preferably in a nonprofit organization.
Strong understanding of nonprofit financial principles and regulations.
Excellent analytical, organizational, and communication skills.
Skill in accounting software, fundraising, and financial management systems.
Application Process:
[Mention the specific requirements for the application, whether it’s online or offline.]
Why Join Us:
Make a strong argument to highlight distinct aspects of your organization. Discuss what makes it an excellent place to work and the opportunities they will receive.
Meaningful Impact: Contribute to a mission-driven organization making a real difference in the community.
Supportive Environment: Join a dedicated team that values collaboration and support.
Professional Growth: Opportunities for professional development and growth within the organization.
Flexible Work Schedule: We understand the importance of work-life balance and offer flexible working hours.
Recognition: Be part of a team that celebrates and values the contributions of its volunteers and staff.
Final thoughts on nonprofit treasurer responsibilities
A skilled treasurer does more than manage finances; they guide the organization's financial strategy and ensure its long-term sustainability. From budgeting and financial reports to risk management and compliance, a treasurer's role touches every aspect of a nonprofit's operations.
When looking for a treasurer, focus on candidates who combine financial expertise with a genuine passion for your mission. The right person will not only keep your books in order but will also provide valuable insights to help your organization grow and amplify its impact.
To further explore how to optimize your nonprofit's financial operations, check out Zeffy's additional resources on budgeting, fundraising strategies, and financial best practices.
FAQs on treasurer duties and responsibilities
While a chief financial officer (CFO) and a treasurer have distinct roles, their responsibilities can sometimes overlap in nonprofit organizations. Although their responsibilities might overlap with those of nonprofit treasurers, each position serves a distinct purpose.
A nonprofit treasurer focuses on governance as a member of the nonprofit board. Their main job is to provide oversight and approval. The CFO approaches financial management from an operational and strategic perspective. They take the lead on cash flow forecasting, financial planning, and providing advisory support to other staff members.
In nonprofit organizations, a treasurer manages finances, plans strategy, and reports to the board members. A bookkeeper handles the day-to-day recording of the organization's financial transactions. They maintain accurate financial records, process payments, and manage receipts.
The treasurer focuses on high-level financial oversight and strategy, while the bookkeeper manages routine financial tasks and data entry.
Most states, like California, don't permit the president to serve as your treasurer. In rare cases where you have a single board member, that person can take on many responsibilities, including that of a treasurer. This is common in small nonprofit organizations.
It's better to have one person for each role when possible. This helps avoid potential conflicts of interest and mismanagement. Separating these roles helps ensure proper financial transparency and accountability.
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