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Treasurer Responsibilities and Financial Information

 

Treasurer's Responsibilities 

The volunteer treasurer is responsible for Chapter financial transactions and record keeping. Additionally, the treasurer maintains all financial records and reports required by state and federal governments, including the annual filing of the IRS 990-series form.

 

For annual tax periods beginning after 2006, the law requires ALL tax-exempt organizations to file an annual 990-series form with the IRS. Most Chapters making less than $50,000 can submit a Form 990-N e-postcard, which can be done online. If your Chapter did not file an annual 990 form as required for three (3) consecutive years, you may have lost your Federal Tax ID number (EIN number) and your tax-exempt status. The treasurer is responsible for filing the 990 form with the IRS. Be sure to check the IRS website for current updates.

 

The treasurer reports the financial status of the Chapter to the officers and the membership via the treasurer's report. Detail Dues Reports are available online at any time, under Chapter Reports and Rosters. There are two reports - one that gives the financial details on the money that is direct deposited into the Chapter's account from the national organization and the other one gives the specific details as to who the money was from, where they are located, and the amount of their dues. Above is a blank and sample budget for your use with all formulas built in.

Chapter Checking Account
 

It is very important that there be at least two signatures on the Chapter accounts - one signature is the treasurer and the other should be an officer, normally the president. This allows access to the account by two people, along with two people able to sign the checks. Also, best practices recommends that the treasurer AND the president receive the financial statements from the bank.

 

Chapter Financial Report 

According to the Chapter Accountability Standards, each Chapter must submit a yearly financial report to AORN. There are three sample financial reports above - one in Excel with built-in formulas and two in Word (with columns and without). Special thanks to the Chapter 2801 Omaha, Nebraska, for sharing their formats. If you have any questions, contact the AORN Chapter Relations Coordinator Deb Warren at 800-755-2676, Ext. 222.

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