A treasurer is a person responsible for the financial operations of a government, business, or other organization.
Government
The
treasury of a country is the department responsible for the country's
economy
An economy is an area of the Production (economics), production, Distribution (economics), distribution and trade, as well as Consumption (economics), consumption of Goods (economics), goods and Service (economics), services. In general, it is ...
,
finance
Finance refers to monetary resources and to the study and Academic discipline, discipline of money, currency, assets and Liability (financial accounting), liabilities. As a subject of study, is a field of Business administration, Business Admin ...
and
revenue
In accounting, revenue is the total amount of income generated by the sale of product (business), goods and services related to the primary operations of a business.
Commercial revenue may also be referred to as sales or as turnover. Some compan ...
. 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 ...
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 the head of HM Treasury, His Majesty's Treasury. As one of the four Great Offices of State, t ...
.
In
Australia
Australia, officially the Commonwealth of Australia, is a country comprising mainland Australia, the mainland of the Australia (continent), Australian continent, the island of Tasmania and list of islands of Australia, numerous smaller isl ...
, 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 (polity), state.
In the case of its broad associative definition, government normally consists of legislature, executive (government), execu ...
after the
Prime Minister
A prime minister 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. A prime minister is not the head of state, but r ...
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
The Crown is a political concept used in Commonwealth realms. Depending on the context used, it generally refers to the entirety of the State (polity), state (or in federal realms, the relevant level of government in that state), the executive ...
. Now the title
First Lord of the Treasury is the official title of the British
Prime Minister
A prime minister 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. A prime minister is not the head of state, but r ...
.
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 Loan, borrowed or otherwise withheld from another party, the creditor. Debt may be owed by a sovereign state or country, local government, company, or an individual. Co ...
, and
capital structure more generally (including
share issuance and
repurchase);
managing intercompany transactions denominated in foreign currencies,
interest rate risk
Interest rate risk is the risk that arises for bond owners from fluctuating interest rate
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The ...
hedging, and
currency analytics;
securitizations;
oversight of pension
investment management
Investment management (sometimes referred to more generally as financial asset management) is the professional asset management of various Security (finance), securities, including shareholdings, Bond (finance), bonds, and other assets, such as r ...
.
They also typically advise the corporation on matters relating to
corporate finance
Corporate finance is an area of finance that deals with the sources of funding, and the capital structure of businesses, the actions that managers take to increase the Value investing, value of the firm to the shareholders, and the tools and analy ...
. 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 protect ...
.
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 s ...
, the professional associations for
barristers in England and Wales, 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 c ...
'' 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 not-for-profit or non-for-profit organization (NFPO) is a Legal Entity, legal entity that does not distribute surplus funds to its members and is formed to fulfill specific objectives.
While not-for-profit organizations and Nonprofit organ ...
organizations such as
charities and
theaters
Theatre or theater is a collaborative form of performing art that uses live performers, usually actors to present experiences of a real or imagined event before a live audience in a specific place, often a Stage (theatre), stage. The performe ...
, 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 or 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.
See also
*
Bursar
*
Bursary
*
Certified Treasury Professional
*
Chief financial officer
A chief financial officer (CFO) is an officer of a company or organization who is assigned the primary responsibility for making decisions for the company for projects and its finances; i.a.: financial planning, management of financial risks, ...
*
Comptroller
A comptroller (pronounced either the same as ''controller'' or as ) is a management-level position responsible for supervising the quality of accountancy, accounting and financial reporting of an organization. A financial comptroller is a senior- ...
*
Auditor general
*
Treasury management
References
Further reading
*
* Treasury Management International,
The Functions of a Corporate Treasury', Dr Heinrich Degenhart, Verband Deutscher Treasurer e.V.
External links
O*NET-SOC 11-3031.01 ~ Treasurers and ControllersAssociation 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)*
{{Authority control
Government occupations
Local government in the United States
Finance occupations
Titles