INDUSTRY INSIGHTS | WINTER 2011/2012 EFFECT

Board Treasurer—Time Needed and Skills Required

by David Little

Does being a volunteer treasurer for a nonprofit’s board of directors require a time commitment similar to that of a part-time job? If so, in addition to the time commitment, being a treasurer during or just after a recession brings additional challenges and worries to the role.

While it may be appealing to help an organization you respect and that needs your skills, treasurer responsibilities can be time consuming. Before accepting the position, try to find out how much time is being asked of you. Ask how frequently the board meets. Talk to your predecessor about the specific tasks you’ll be doing, and if nobody was previously in the role, ask who you should speak to in order to learn about it. Also find out how much support you’ll receive from the board or other committees you may be working with.

The role of the board treasurer

Traditionally, a treasurer's duties focus on overseeing the organization from a governance perspective, such as chairing the board’s finance committee and reviewing finance policies. The treasurer will also generally work with the board to fulfill tasks like providing fiduciary oversight, reviewing financial performance reports, and ensuring an independent audit is conducted when required. The time involved in tasks such as these can vary from one hour per week to several hours per week.

Some treasurers also have managerial duties, and as a result may spend more time performing the role’s functions. The time involved in these kinds of tasks can vary from a few hours per week to the equivalent of a second job.

How much time will you spend volunteering?

Given the different needs of organizations, there is no one answer to the question.

The best way to figure out approximately how much time you will spend fulfilling the role is to do your due diligence. You should have a firm grasp on what exactly the role entails and the nature of the organization before you accept the position.

You can also sometimes determine how much time you will need for the treasurer role based on the organization’s size and sophistication.

If the organization is relatively mature, the treasurer will generally handle compliance with established policies—its governance. However, if the organization is new, or is small with limited personnel and structure, the role may also include a number of day-to-day functions like mentoring staff and developing budgets.

Therefore, it is important to consider how much time you are willing to spend and what you want to get out of the role when deciding whether to volunteer. Working with a mature organization can be better suited for those who would like a more structured and hands-off position. A small and newer organization, on the other hand, may be better for those wanting to help shape an organization and get their hands dirty in the everyday tasks.

Mutually beneficial?

If you find an organization with a mission you believe in, and that is a good fit with your skills and the level of time you can commit, the treasurer role can be fulfilling for a variety of reasons:

• It offers you a chance to give back to the community.
• The challenge of working with a new organization may improve your communication and practical skill sets.
• It will increase your professional contacts and provide opportunities to network.
• Your expertise will assist the organization in reaching its goals, financial and otherwise.
• It gives you a chance to learn more about an issue that interests you.

Having enough time to do everything we want is challenging, but the personal and professional benefits of volunteering for an organization can be significant. Although it is important to learn more about the position before committing to the role, it is an opportunity that should not be dismissed without careful consideration.