Board of Directors Treasurer

• The treasurer’s general duty is to oversee the financial reports and monitor the expenses of the organization. A treasurer is required to demonstrate strong analytical and critical-thinking skills for financial decision-making. The treasurer is also required to keep documentation and deliver regular financial reports to the management, and is a member on the Board of Directors.
• Treasurers are also responsible for studying the status of the organization to be able to provide suggestions on effectively managing expenses. They also need to be familiarized with the regulatory policies and ensure that the use of funds is compliant with the law.
  
• Per Virginia law, No Board member shall receive any financial compensation for service on the Board. The Board may reimburse members for reasonable expenses they incur while serving on the Board. Any member seeking reimbursement shall itemize and document by receipts such expenses pursuant to subsection E of § 15.2-7205.
• https://law.lis.virginia.gov/vacode/title15.2/chapter72/section15.2-7206/#:~:text=No%20Board%20member%20shall%20receive,E%20of%20%C2%A7%2015.2%2D7205
• See Also: TRUic Startup Savant

Operations Treasurer

• Manage accounting.
• Organize, manage, and balance the books.
• Trust with managing all financial accounts associated with the nonprofit and prepare organized financial statements on a weekly and monthly basis.
• Collect all money received by nonprofit and deposit into nonprofit bank account.
• Review local laws before passing rules or sending bylaws for approval.
• Collaborate with CPA firm to perform tax preparation and review, and coordinate and oversee external audits.
• Monitor all accounting transactions for compliance with grant requirements, organizational policies, GAAP and government standards.
• Coordinate annual audit with external CPA firm which minimizes audit expense and comply with required report issuance deadline.
• Maintain a full and accurate account of the receipts and disbursements in the books belonging to the nonprofit.