Nonprofit Treasurer Checklist

A nonprofit treasurer plays an important role in an organization by protecting public funds, ensuring legal accountability, and promoting transparency.  A treasurer can help their organization remain financially stable and mission focused by following a structured schedule of monthly, quarterly, and annual responsibilities.

Monthly Responsibilities:
Each month, the treasurer should complete the following tasks to maintain accurate records and ensure the organization remains on sound financial footing:

• Reconcile accounts:
  • Ensure that checking, savings, investment, and credit card accounts are reconciled correctly

• Monitor cash flow:
  • Ensure the organization has sufficient funds to meet short-term commitments (Payroll expenses, operating expenses, etc.)

• Review of financial statements:
  • Review the balance sheet and income statements to ensure there are no unusual expenses, revenue shortfalls, or any unexpected variances from the budget.
  • Treasurers might need to present these financials at monthly board meetings, depending on the organization’s standard

• Review donations and revenue:
  • Ensuring that donations, grants, and restricted funds are properly recorded is crucial.
  • Ensuring donor acknowledgment is issued when required.

Quarterly Responsibilities:
Building on monthly reviews, the treasurer should take a broader look at financial health each quarter to assess performance trends and strengthen internal controls:

• Conduct a more comprehensive performance analysis
  • Compare actual revenue and expenses to budgeted revenue and expenses, and adjust future spending plan as necessary

• Consider whether financial safeguards (controls) need to be updated
  • Separation of duties
  • Approval process
  • Expense reimbursements
  • Check signing authority
  • Online banking security

• Ensure state, local, and federal payroll and sales taxes are filed and paid (IF APPLICABLE).
• Meet with the financial committee of your organization to discuss:
  • Financial performance
  • Budget adjustments
  • Investments strategies
  • Long-term financial planning

Annual Responsibilities:
At year’s end, the treasurer takes on a broader set of responsibilities to close out the fiscal year, satisfy legal obligations, and set the organization up for the year ahead:

• Draft an annual budget for the upcoming year
  • Present the proposed budget for board approval
• Confirm completion of the following required filing:
  • Federal tax filings
  • State registrations
  • Annual reports
  • Verify all deadlines are met
• Review and approve annual financial statements
  • Ensure statements accurately reflect:
    • Assets
    • Liabilities
    • Net assets
    • Revenue
    • Expenses
  • Present a comprehensive year-in-review report to members or stakeholders
• Gather all necessary documentation for the organization’s independent financial review or audit
  • Organizing financial records
  • Prepare supporting documentation
  • Reconcile accounts
  • Address prior audit recommendations

Following the monthly, quarterly, and annual checklists above can help the treasurer strengthen financial oversight, improve accountability, and support their organization’s long-term sustainability.