Volunteer Board Treasurer

Summary While the entire Board of Directors has legal and financial oversight responsibilities for Literacy Volunteers of the Montachusett Area (LVMont), the Board Treasurer is the lead member of the Board of Directors responsible for managing and overseeing the organization’s financial affairs. The Board Treasurer is a Board officer and member of the Board’s Executive Committee. The Treasurer’s term of office is one-year and the Treasurer may not serve more than three (3) consecutive terms of office. Financial Management and Oversight: 1. Oversee the financial condition of the organization and keep the Board informed. 2. Ensure compliance with all applicable laws. 3. Approve bills for payment and sign checks if a signer on the checking account. 4. Reconcile monthly bank statements and manage cash flow. 5. Oversee the development of financial policies, including but not limited to: a. check signing authority b. expense reimbursement c. credit or debit card usage d. petty cash Budgets 1. Prepare or help facilitate the preparation of the annual budget for approval by the full Board. The budget should support the organization’s goals and drive decision-making to fulfill the organization’s mission. 2. Be knowledgeable about the budget and be able to explain and answer questions from the Board. Reporting 1. Prepare or help facilitate the preparation of the Treasurer’s Reports to the Board, including the actual revenue and expenses compared to the projected revenue and expenses from the annual budget. 2. Present the Treasurer’s Report for Board approval at each Board meeting, and answer questions. 3. Be able to explain the organization’s finances, and financial health and condition to the Board, especially those without financial backgrounds or substantial financial experience. 4. Complete or ensure the timely completion and filing of required financial reporting forms (e.g., the IRS Form 990 and the state’s Public Charities Form) and make these forms available for the Board’s review prior to filing.