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 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 or Chancellor of the Exchequer. 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 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. 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 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 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 hedging, securitization, oversight of pension investment management, and capital structure (including share issuance and repurchase). They also typically advise the corporation on matters relating to corporate finance. 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 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 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 ch ...

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