Position Description for Treasurer

Revised – 7 March 2006

The GMC Montpelier Section treasurer:

1. Serves as custodian of the Section’s funds, by maintaining the bank accounts and keeping track of income and expenditures. Reconciles Treasurer’s records with bank statements. (Also maintains Certificates of Deposit of funds if feasible.) Monitors the Section’s Post Office Box for received mail.

2. Deposits promptly cash or checks received into the Section’s bank account, except as follows:

Forwards any Section member’s dues payments received by the section to the GMC and forwards all contributions received by the Section to the GMC. (This makes the donation tax-deductible by the donor under Section 501 (c) (3) of the IRS code.)

3. Confirms that payments by the GMC to the Section do represent 25% of Section members’ dues payments, and 100% of direct donations to the Section.

4. Pays bills promptly for Section expenditures, and retains invoices/receipts for each payment. Reimburses authorized members’ expenses upon receipt of signed, itemized requests. Monitors periodic accounts (such as Trail Talk printing, Post Office Box rental, and Website) to assure that expected bills are received and are reasonable.

5. Reports income, expenditures, and cash balance periodically or as requested and annually at the Section’s annual meeting. Coordinates fund-raising projects with GMC.

6. Prepares an annual Section budget for membership approval at the annual meeting, and as justification for expenditures during the coming year.

7. Serves on the Section’s Executive Committee.

Procedures

a. Initiate a change of signature authority for all bank accounts when a new Treasurer or Vice President assumes office.

b. Obtain the GMC’s Federal Identification Number (“EIN”), the GMC Vermont Tax exempt number, and completed tax exemption certificates -- Resale and Exempt Organization Certificate of Exemption, Title 32, Paragraphs 9701(5) and 9743(1-3) -- from GMC.

c. Use the GMC’s Federal Identification Number when establishing a bank account, to avoid complicating the Treasurer’s tax returns. Discuss account details with a bank officer when a new account is established or a current account is transferred to a new Treasurer. The small number of transactions and the tax-exempt status of the Club should suffice to ensure that no fees are charged for the accounts.

d. The Section does not owe State sales tax for Section purchases for Section activities. The Treasurer educates Section members about this tax-free status and provides tax exemption certificates for merchants/ vendors as needed.

e. When a member donates expenditures such as postage, supplies, or other, the Treasurer enters the transaction as both expense and (donated) income to document the true cost of Section activities. Note, however, that the Treasurer cannot offer a tax-donation receipt for such a donation.

f. Accounting suggestions: Write the check number on each invoice/receipt. Maintain a log of all activities, and annotate records with the corresponding log number. Record expenses as they occur – when the check is written. Record income when money is actually deposited into the bank, even if that is several weeks after it is first received and sent up to GMC.

g. When preparing next year’s budget, note that the “actuals” column for the current year is an estimate for the end f the fiscal year.