Treasurer


Treasurer

In many governments, a treasurer is the person responsible for running the treasury. Treasurers are also employed by organizations such as clubs to look after funds.

Government

The Treasury of a country is the department responsible for the country's economy, finance and revenue. The Treasurer is generally the head of the Treasury, although, in some countries (such as the U.S. or the UK) the treasurer reports to a Secretary of the Treasury, or Chancellor of the Exchequer. In Australia, the Treasurer is a senior Minister and usually the second most important member of the Government after the Prime Minister.

Originally the word referred to the person in charge of the treasure of a noble, however it has now moved into wider use. In the UK during the 17th Century, a position of Lord High Treasurer was used on several occasions as the third great officer of the Crown. Now the title First Lord of the Treasury is the official title of the British Prime Minister.

Corporate treasurers

In corporations, the Treasurer is the head of the corporate treasury department. They are typically responsible for liquidity risk management, cash management, issuing debt, foreign exchange and interest rate risk hedging, securitization, oversight of pension investment management, and capital structure (including share issuance and repurchase). They also typically advise the corporation on matters relating to corporate finance. They could also have oversight of other areas, such as the purchase of insurance.

There are various Treasurer associations. The "International Group of Treasury Associations" (www.igta.org) is composed of about 30 treasurer's organizations in the world. In Europe, the "European Associations of Corporate Treasurers" (www.eact-group.com) federates 17 national treasurers associations from 16 countries.

In the Inns of Court

'Master Treasurer' is the title held by the bencher heading the Inn for that year. This title is similarly used by other legal associations sharing a British heritage, such as the Law Society of Upper Canada.

In other organizations

Many other organizations, particularly not-for-profit organizations such as charities, unions, and churches, appoint treasurers, who are responsible for conservation of the treasury and for generating income for the group, whether this be through pricing of a product, organizing sponsorship, or arranging fundraising events.

The treasurer would also be part of the group which would oversee how the money is spent, either directly dictating expenditure or authorising it as required. It is their responsibility to ensure that the organization has enough money to carry out their stated aims and objectives, and that they do not overspend, or under spend. They also report to the board meetings the financial status of the organization to ensure checks and balances. Accurate records and supporting documentation must be kept to a reasonable level of detail that provides a clear audit trail for all transactions.

ee also

* auditor general
* comptroller
* Chief financial officer

External links

* [http://online.onetcenter.org/link/summary/11-3031.01 O*NET-SOC 11-3031.01 ~ Treasurers and Controllers]
* [http://www.bls.gov/oco/ocos010.htm U.S. Department of Labor SOC 11-3031 ~ Financial Managers]
* [http://www.treasury-management.com Treasurer articles]


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  • Treasurer — Treas ur*er, n. [OE. tresourer, F. tr[ e]sorier.] One who has the care of a treasure or treasure or treasury; an officer who receives the public money arising from taxes and duties, or other sources of revenue, takes charge of the same, and… …   The Collaborative International Dictionary of English

  • treasurer — trea·sur·er n: an officer entrusted with the receipt, care, and disbursement of funds: as a: a governmental officer charged with keeping, receiving, and disbursing public revenues b: the executive financial officer of a club, society, or business …   Law dictionary

  • treasurer — late 13c., from O.Fr. tresorier (see TREASURE (Cf. treasure)) …   Etymology dictionary

  • treasurer — ► NOUN ▪ a person appointed to administer or manage the financial assets and liabilities of a society, company, etc …   English terms dictionary

  • treasurer — [trezh′ər ər] n. [ME tresorer < Anglo Fr tresorer, for OFr tresorier < tresor: see TREASURE] a person in charge of a treasure or treasury; specif., an officer in charge of the funds or finances, as of a government, corporation, or society… …   English World dictionary

  • Treasurer — The corporate officer responsible for designing and implementing many of the firm s financing and investing activities. The New York Times Financial Glossary The corporate officer responsible for designing and implementing a firm s financing and… …   Financial and business terms

  • treasurer — noun ADJECTIVE ▪ assistant ▪ honorary (BrE) ▪ the honorary treasurer of the rugby club ▪ corporate ▪ church, class …   Collocations dictionary

  • Treasurer — (Roget s Thesaurus) < N PARAG:Treasurer >N GRP: N 1 Sgm: N 1 treasurer treasurer Sgm: N 1 bursar bursar bursary Sgm: N 1 purser purser purse bearer Sgm: N 1 cash keeper cash keeper banker Sgm: N 1 depositary …   English dictionary for students

  • treasurer — noun a person appointed to administer or manage the financial assets and liabilities of a society, company, etc. ↘(also Lord Treasurer or Lord High Treasurer) Brit. historical the head of the Exchequer. Derivatives treasurership noun …   English new terms dictionary

  • treasurer — UK [ˈtreʒərə(r)] / US [ˈtreʒərər] noun [countable] Word forms treasurer : singular treasurer plural treasurers someone who is in charge of the money that belongs to an organization …   English dictionary


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