A treasurer is the person responsible for running the

treasury A treasury is either *A government department related to finance and taxation, a finance ministry. *A place or location where treasure, such as currency or precious items are kept. These can be state or royal property, church treasure or i ...

of an organization. The significant core functions of a corporate treasurer include cash and liquidity management, risk management, and corporate finance.

Government

The

of a country is the department responsible for the country's

economy An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with th ...

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 f ...

and

revenue In accounting, revenue is the total amount of income generated by the sale of goods and services related to the primary operations of the business. Commercial revenue may also be referred to as sales or as turnover. Some companies receive rev ...

. 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 The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...

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 HM Treasury, His Majesty's Treasury. As one of the four Great Offices of State, the Ch ...

. In

Australia Australia, officially the Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands. With an area of , Australia is the largest country by ...

, the

Treasurer 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 ...

is a senior minister and usually the second or third most important member of the

government A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government i ...

after the

Prime Minister A prime minister, premier or chief of cabinet is the head of the cabinet and the leader of the ministers in the executive branch of government, often in a parliamentary or semi-presidential system. Under those systems, a prime minister is ...

and

Deputy Prime Minister A deputy prime minister or vice prime minister is, in some countries, a government minister who can take the position of acting prime minister when the prime minister is temporarily absent. The position is often likened to that of a vice president, ...

. Each Australian state and self-governing territory also has its own

treasurer 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 ...

. 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 Treasure (from la, thesaurus from Greek language ''thēsauros'', "treasure store") is a concentration of wealth — often originating from ancient history — that is considered lost and/or forgotten until rediscovered. Some jurisdictions le ...

of a noble; however, it has now moved into wider use. In England during the 17th century, a position of

Lord High Treasurer The post of Lord High Treasurer or Lord Treasurer was an English government position and has been a British government position since the Acts of Union of 1707. A holder of the post would be the third-highest-ranked Great Officer of State ...

was used on several occasions as the third great officer of

the Crown The Crown is the state in all its aspects within the jurisprudence of the Commonwealth realms and their subdivisions (such as the Crown Dependencies, overseas territories, provinces, or states). Legally ill-defined, the term has differ ...

. Now the title

First Lord of the Treasury The first lord of the Treasury is the head of the Lords Commissioners of the Treasury exercising the ancient office of Lord High Treasurer in the United Kingdom, and is by convention also the prime minister. This office is not equivalent to the ...

is the official title of the British

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 s ...

management, cash management, issuing

debt Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor. Debt is a deferred payment, or series of payments, which differentiates it from an immediate purchase. The ...

, 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 instit ...

, 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 th ...

(including share issuance and repurchase). 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 of the firm to the shareholders, and the tools and analysis used to all ...

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

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

In the Inns of Court

In the

Inns of Court The Inns of Court in London are the professional associations for barristers in England and Wales. There are four Inns of Court – Gray's Inn, Lincoln's Inn, Inner Temple and Middle Temple. All barristers must belong to one of them. They have ...

, the professional associations for

barristers in England and Wales Barristers in England and Wales are one of the two main categories of lawyer in England and Wales, the other being solicitors. Barristers have traditionally had the role of handling cases for representation in court, both defence and prosecutio ...

, the ''

bencher A bencher or Master of the Bench is a senior member of an Inn of Court in England and Wales or the Inns of Court in Northern Ireland, or the Honorable Society of King's Inns in Ireland. Benchers hold office for life once elected. A bencher ca ...

'' 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 The Law Society of Ontario (LSO; french: Barreau de l'Ontario) is the law society responsible for the self-regulation of lawyers and paralegals in the Canadian province of Ontario. Founded in 1797 as the Law Society of Upper Canada (LSUC; frenc ...

Volunteer organizations

Many volunteer organizations, particularly not-for-profit organizations such as charities and

theaters Theatre or theater is a collaborative form of performing art that uses live performers, usually actors or actresses, to present the experience of a real or imagined event before a live audience in a specific place, often a stage. The perform ...

, appoint treasurers who are responsible for conservation of the treasury, whether this be through pricing of a product, organizing

sponsorship Sponsoring something (or someone) is the act of supporting an event, activity, person, or organization financially or through the provision of products or services. The individual or group that provides the support, similar to a benefactor, is k ...

, 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