Treasurer

From Wikipedia, the free encyclopedia

In many governments, a treasurer is the person responsible for running the treasury. Treasurers are also employed by organizations to look after funds.

[edit] In 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.

[edit] In Corporations

In corporations, the Treasurer is the head of the corporate treasury department. They are typically responsible for cash management, issuing debt, foreign exchange and interest rate risk hedging, securitization, oversight of pension investment management, share issuance and repurchase. They could also have oversight of other areas, such as the purchase of insurance.

There are various Treasurer associations, such as the Treasury Leadership Roundtable group within the Corporate Executive Board, the Association of Corporate Treasurers, the Treasury Management Association of Canada, and the Association for Financial Professionals.

[edit] In Other Organizations

Many other organisations, particularly not-for-profit organisations such as charities, unions, and churches, appoint treasurers, who are responsible for generating income for the group, whether this be through pricing of a product, organising 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 organisation has enough money to carry out their stated aims and objectives, and that they do not overspend, or underspend.