Do you have what it takes to be a good fit for the role of treasurer in your organisation? Before you say “yes” or “no” to the position, look at our list of the top traits shared by successful treasurers.
Integrity
Integrity means various things to different people, but at its heart, to have integrity means that you are honest, dependable and trustworthy. It is the number one trait that treasurers, as well as the other board members, should have. When someone has integrity, it means that others can count on them to look at situations objectively, and, to do the right thing.
For nonprofits, this means that others are safe putting their trust in you to look out for the best interests of all your stakeholders, and the public at large.
Patience
Another trait that is critical for nonprofit treasurers is patience. As treasurer, you will be called on to simplify complex financial information and translate it for others that don’t have extensive backgrounds and experience with accounting and finance. Treasurers need to have their fingers on the pulse of their organisations, and to be able to answer questions and provide their input on matters that may only be tangentially connected to your NFP’s financial health.
Persistence
To fulfil their oversight role, treasurers must be ready to follow the trail of their NFPs past financial moves. They need to be able to look through the records of former treasurers and be prepared to deal with the unexpected, including changes in accounting practices that have affected the way that specific valuations are determined and accounted for. They need to be prepared to see that effective and transparent practices and policies are put into place that lowers the risk of loss for the nonprofit. Each of these tasks can be both time consuming, and, stressful over time, but a good volunteer treasurer has the determination and responsibility to stay on top of these and other tasks.
Availability
While automated bookkeeping software has simplified many of the most basic, time-consuming and monotonous accounting tasks for treasurers, there are still many duties that require the treasurer to be available. NFP meetings, preparing reports, and getting the NFP ready for independent audit can all lead to treasurers needing to be available outside of the hours of a “traditional” 9 to 5 position.
Good treasurers are available on an as-needed basis and are always ready to weigh in with their other board members to answer questions and make sure that everyone has the information that they need to make good decisions for the benefit of the nonprofit.
Comfortable Dealing with Numbers and Handling Cash
While it’s not necessary to have a specialised degree in accounting or bookkeeping, or have direct experience in the financial sector, it can definitely help. Regardless of their previous experience, a good treasurer will be comfortable with figures, as well as handling large amounts of cash. They are prepared to enter transactions, especially those that affect nonprofit monies, as soon as possible. They “play by the rule,” and are responsible and do not disburse funds without board approval and require proper documentation before making disbursements.
A good treasurer also recognises the benefits from continuing education. They are open to taking classes and attending training courses to help them strengthen the skills and knowledge basis that they need to perform their tasks and fulfil their duties well.
An Analytical Mind with an Eye for Details
A good treasurer is also someone who tends to be very practical. They can analyse problems, zero in on the fine details, and perform tasks in a very planned, methodical manner. Being able to think, plan and act logically helps them to spot discrepancies and trace them back to the source, whether the source is a simple human or computer error or a deliberate act, such as an instance of internal theft or another form of fraud.
Ability to Act Decisively and Impartially
The best treasurers are always able to separate their personal feelings about a person or proposal, from their professional, legal duties. They can thoroughly analyse the facts around a situation and make impartial decisions that are based on what is best for the nonprofit and the population it serves.
If you possess these seven traits, then you are well on your way to having what it takes to make a great volunteer treasurer. Like other forms of volunteer service, it is a great way to give back to your community and help others! If you have the time and ability to do so, you should consider serving in this capacity!
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