A treasurer is the person responsible for running the treasury of an organization. The significant core functions of a corporate treasurer include cash and liquidity management, risk management, and corporate finance.

Government

The treasury of a country is the department responsible for the country's economy,

finance Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fina ...

and revenue. The treasurer is generally the head of the treasury, although, in some countries (such as the United Kingdom or the United States) the treasury reports to a Secretary of the Treasury or

Chancellor of the Exchequer The chancellor of the Exchequer, often abbreviated to chancellor, is a senior minister of the Crown within the Government of the United Kingdom, and head of His Majesty's Treasury. As one of the four Great Offices of State, the Chancellor is ...

. In

Australia Australia, officially the Commonwealth of Australia, is a Sovereign state, sovereign country comprising the mainland of the Australia (continent), Australian continent, the island of Tasmania, and numerous List of islands of Australia, sma ...

, the Treasurer is a senior

minister Minister may refer to: * Minister (Christianity), a Christian cleric ** Minister (Catholic Church) * Minister (government), a member of government who heads a ministry (government department) ** Minister without portfolio, a member of government w ...

and usually the second or third most important member of the government after the Prime Minister and Deputy Prime Minister. Each Australian state and self-governing territory also has its own treasurer. From 1867 to 1993, Ontario's Minister of Finance was called the Treasurer of Ontario. Originally the word referred to the person in charge of the treasure of a noble; however, it has now moved into wider use. In England 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 Liquidity risk is a financial risk that for a certain period of time a given financial asset, security or commodity cannot be traded quickly enough in the market without impacting the market price. Types Market liquidity – An asset cannot be so ...

management, cash management, issuing debt, foreign exchange and

interest rate risk In finance and economics, interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinc ...

hedging,

securitization Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations (or other non-debt assets which generate receivables) and selling ...

, oversight of pension

investment management Investment management is the professional asset management of various securities, including shareholdings, bonds, and other assets, such as real estate, to meet specified investment goals for the benefit of investors. Investors may be institut ...

, and

capital structure In corporate finance, capital structure refers to the mix of various forms of external funds, known as capital, used to finance a business. It consists of shareholders' equity, debt (borrowed funds), and preferred stock, and is detailed in the ...

(including share issuance and

repurchase A repurchase agreement, also known as a repo, RP, or sale and repurchase agreement, is a form of short-term borrowing, mainly in government securities. The dealer sells the underlying security to investors and, by agreement between the two par ...

). They also typically advise the corporation on matters relating to

corporate finance Corporate finance is the area of finance that deals with the sources of funding, the capital structure of corporations, the actions that managers take to increase the Value investing, value of the firm to the shareholders, and the tools and anal ...

. They could also have oversight of other areas, such as the purchase of insurance.

In the Inns of Court

In the Inns of Court, the professional associations for barristers in England and Wales, the '' bencher'' or ''master of the bench'' who heads the inn for that year holds the title 'master treasurer'. This title is similarly used by other legal associations sharing a British heritage, such as the Law Society of Upper Canada.

Volunteer organizations

Many volunteer organizations, particularly

not-for-profit A nonprofit organization (NPO) or non-profit organisation, also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in co ...

organizations such as

charities A charitable organization or charity is an organization whose primary objectives are philanthropy and social well-being (e.g. educational, religious or other activities serving the public interest or common good). The legal definition of a cha ...

and theaters, appoint treasurers who are responsible for conservation of the treasury, 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 authorizing 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 and/or to the general membership 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.

References

External links

O*NET-SOC 11-3031.01 ~ Treasurers and Controllers

Association of Public Treasurers of the United States and Canada (APTUSC)

California Municipal Treasurers Association (CMTA)

Oklahoma Municipal Treasurers' Association (OKMTA)

Government Treasurers' Organization of Texas (GTOT)

Virginia Treasurers' Association (TAV)
{{Authority control Government occupations Local government in the United States Finance occupations