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]