• Summary of ISA Section Treasurer’s Duties

    Section Treasurer Guide - Download a pdf version

    The Section Treasurer shall have general supervision of the funds and financial records of the Section. As Treasurer he/she shall:

    • Establish and maintain proper accounting procedures for all Section funds.
    • Enter receipts and disbursements in the Section’s books.
    • Deposit all moneys received in a bank account approved by the Section’s governing board.
    • Make disbursements authorized by the Section’s governing board. The Treasurer will prepare checks and submit them to the authorized co-signer for signature.
    • Provide for the custody and safekeeping of investments approved by the Section’s governing board.
    • Prepare interim financial statements and report the Section’s financial status to the governing board and to the membership in such form and frequency (preferably monthly) as they may direct.
    • Periodically compare actual revenues and expenses to the Section’s budget.
    • Close the Section’s books at the end of the fiscal year and submit them for audit to an independent accountant or internal audit committee. The audited report must be prepared in time for review by the governing board at their first meeting following the close of the fiscal year. A copy of the annual financial report is to be sent to the Director of Finance & Administration at ISA Headquarters.
    • Assist in preparing the Sections’ budget. The budget should be approved by the board at its first meeting.
    • File all required tax returns on a timely basis.
    • At the expiration of the term of office, the Treasurer shall deliver to his successor:
      • Checkbooks and journals.
      • Files containing receipts, invoices and bank statements.
      • Tax returns.
      • Section tax exemption ruling, certificate of incorporation, Bylaws
      • Insurance policies.
      • All other records in his charge.

    In the absence of a successor, such records shall be delivered to the Section President.

    For additional information about Treasurer’s responsibilities, requirements, budgeting, financial statements, retaining records, tax matters, and forms click here.