TEMPLATE - Checklist for Treasurers

STARTER CHECKLIST FOR TREASURERS

Here's a checklist for beginner Treasurers on duties and tasks that must be completed. The first page focuses on orientation to the role and the second page highlights ongoing responsibilities.

Feel free to save a copy and add your own notes and checklist items to keep you and your Board organized.

The Treasurer/Board may delegate certain financial tasks to contractors, staff or other volunteers, however, the legal and ethical responsibility for strong financial governance stays with the Board.

GETTING SET-UP

• Confirm who the signing officers are (usually 3 Board members)
• Get access to the water co-op's bank account, statements and online banking
• Review the water co-op's bylaws and policies, especially the sections relating to finances
• Make sure there is a simple, reliable bookkeeping system (Excel, Google Sheets, QuickBooks, or even a ledger book).
• Identify where you have knowledge gaps and want to grow your skills and confidence. If you require training, the of Water Federation may be able to support you.
• Gather past financial statements, budgets and accountant/auditor reports
• Create (or tidy up) a filing system for financial records (and Board minutes if you are a Secretary-Treasurer)

MONTH-TO-MONTH

• Don't let receipts pile up, record income and expenses
• Reconcile the bank statement to make sure the water co-op's books match
• If things don't balance, don't panic. Small mistakes happen. Work backwards, check receipts and cheques, and ask for help if needed
• Prepare a simple template for monthly Treasurer's reports. This can be a one-page document designed around what your Board wants to monitor regularly, with highlights on the current financial position and explanations for any big variances from plan
• Use your report template to share financial updates at Board and member meetings. Let the Board know of any big changes and give them an idea of the cash on hand
• Check that the water co-op is following its internal controls, like making sure there are two signatures on all cheques and payments from the water co-op

QUARTERLY

• Review budget vs. actuals with the Board
• Double check that GST and CRA filings are up-to-date as needed
• Make sure member payments and arrears are tracked and followed up on

ANNUALLY

• Work with the Board to draft a budget for the next year
• Help prepare financial statements for the AGM
• File the Annual Return after the AGM with Rural Utilities
• Review insurance policies and financial controls with the Board
• Secretary-Treasurer will also need to keep the membership record, take the AGM minutes and circulate the AGM minutes to the members