Treasurer

Last updated

In A new way to pay the National Debt (1786), James Gillray caricatured Queen Charlotte and King George III awash with treasury funds to cover royal debts, with Pitt handing them another moneybag. National-Debt-Gillray.jpeg
In A new way to pay the National Debt (1786), James Gillray caricatured Queen Charlotte and King George III awash with treasury funds to cover royal debts, with Pitt handing them another moneybag.

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. [1]

Contents

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 United Kingdom or the United States) the treasury reports to a Secretary of the Treasury or Chancellor of the Exchequer.[ citation needed ]

In Australia, the Treasurer is a senior minister and usually the second or third most important member of the government after the Prime Minister and Deputy Prime Minister. Each Australian state and self-governing territory also has its own treasurer.[ citation needed ]

From 1867 to 1993, Ontario's Minister of Finance was called the Treasurer of Ontario.[ citation needed ]

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. Now the title First Lord of the Treasury is the official title of the British Prime Minister.[ citation needed ]

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, 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.[ citation needed ]

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'.[ citation needed ]

This title is similarly used by other legal associations sharing a British heritage, such as the Law Society of Upper Canada.[ citation needed ]

Volunteer organizations

Many volunteer organizations, particularly not-for-profit organizations such as charities 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.[ citation needed ]

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. [2] Accurate records and supporting documentation must be kept to a reasonable level of detail that provides a clear audit trail for all transactions. [3]

See also

Related Research Articles

A vice president, also director in British English, is an officer in government or business who is below the president in rank. It can also refer to executive vice presidents, signifying that the vice president is on the executive branch of the government, university or company. The name comes from the Latin term vice meaning "in place of" and typically serves as pro tempore to the president. In some countries, the vice president is called the deputy president. In everyday speech, the abbreviation VP is used.

The chief financial officer (CFO) is an officer of a company or organization that is assigned the primary responsibility for managing the company's finances, including financial planning, management of financial risks, record-keeping, and financial reporting. In some sectors, the CFO is also responsible for analysis of data. Some CFOs have the title CFOO for chief financial and operating officer. In the majority of countries, finance directors (FD) typically report into the CFO and FD is the level before reaching CFO. The CFO typically reports to the chief executive officer (CEO) and the board of directors and may additionally have a seat on the board. The CFO supervises the finance unit and is the chief financial spokesperson for the organization. The CFO directly assists the chief operating officer (COO) on all business matters relating to budget management, cost–benefit analysis, forecasting needs, and securing of new funding.

Investment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by underwriting or acting as the client's agent in the issuance of debt or equity securities. An investment bank may also assist companies involved in mergers and acquisitions (M&A) and provide ancillary services such as market making, trading of derivatives and equity securities, FICC services or research. Most investment banks maintain prime brokerage and asset management departments in conjunction with their investment research businesses. As an industry, it is broken up into the Bulge Bracket, Middle Market, and boutique market.

<span class="mw-page-title-main">Secretary</span> Office occupation supporting management

A secretary, administrative professional, or personal assistant is a person whose work consists of supporting management, including executives, using a variety of project management, communication, or organizational skills. However this role should not be confused with the role of an executive secretary, who differs from a personal assistant.

<span class="mw-page-title-main">Finance minister</span> Position in the government responsible for economic and financial policies

A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation.

<span class="mw-page-title-main">Treasurer of Australia</span> Australian government minister in charge of economic policy

The Treasurer of Australia is a high ranking official and senior minister of the Crown in the Government of Australia who is the head of the Ministry of the Treasury which is responsible for government expenditure and for collecting revenue. The Treasurer plays a key role in the economic policy of the government. The current Australian Treasurer is Jim Chalmers whose term began on 23 May 2022.

The Treasury Board of Canada Secretariat is the administrative branch of the Treasury Board of Canada and a central agency of the Government of Canada. The role of the Secretariat is to support the Treasury Board and to provide advice to Treasury Board members in the management and administration of the government.

Manitoba Finance is the department of finance for the Canadian province of Manitoba.

Financial risk management is the practice of protecting economic value in a firm by using financial instruments to manage exposure to financial risk - principally operational risk, credit risk and market risk, with more specific variants as listed aside. As for risk management more generally, financial risk management requires identifying its sources, measuring it, and the plans to address them. See Finance § Risk management.

The Ministry of Finance is a portfolio in the Executive Council of Ontario, commonly known as the cabinet. The Minister of Finance is responsible for managing the fiscal, financial and related regulatory affairs of the Canadian province of Ontario. The cabinet post used to be called the Treasurer of Ontario and was changed to be in line with similar posts in other Canadian provinces and in the federal government.

<span class="mw-page-title-main">New Zealand Treasury</span> Economic and Financial policy agency of New Zealand

The New Zealand Treasury is the central public service department of New Zealand charged with advising the Government on economic policy, assisting with improving the performance of New Zealand's economy, and managing financial resources. The Minister responsible for the Treasury is the Minister of Finance of New Zealand; however, from 1996 to 2002, there existed a more specific position of Treasurer of New Zealand. The role was created for Winston Peters by the Fourth National Government under Jim Bolger after the 1996 election, and abolished by Helen Clark’s government in 2002.

Treasury management includes management of an enterprise's holdings, with the ultimate goal of managing the firm's liquidity and mitigating its operational, financial and reputational risk. Treasury Management includes a firm's collections, disbursements, concentration, investment and funding activities. In larger firms, it may also include financial risk management.

Following is a partial list of professional certifications in financial services, with an overview of the educational and continuing requirements for each; see Professional certification § Accountancy, auditing and finance and Category:Professional certification in finance for all articles. As the field of finance has increased in complexity in recent years, the number of available designations has grown, and, correspondingly, some will have more recognition than others. Note that in the US, many state securities and insurance regulators do not allow financial professionals to use a designation — in particular a "senior" designation — unless it has been accredited by either the American National Standards Institute or the National Commission for Certifying Agencies.

Asset and liability management is the practice of managing financial risks that arise due to mismatches between the assets and liabilities as part of an investment strategy in financial accounting.

Financial management is the business function concerned with profitability, expenses, cash and credit, so that the "organization may have the means to carry out its objective as satisfactorily as possible;" the latter often defined as maximizing the value of the firm for stockholders.

A Certified California Municipal Treasurer (CCMT) is a post-nominal professional certification awarded by the California Municipal Treasurers Association (CMTA) to California public treasurers who meet standards of education, experience, and a stated commitment to a code of ethics. It was created in 1978 to provide a professional standard of financial expertise and ethics in California government treasury.

The municipal treasurer is a position of responsibility for a municipality according to the locally prevailing laws. The treasurer of a public agency is elected by the voting public or is appointed by the municipal council or municipal manager. City treasurers are primarily responsible for managing the revenue and cash flow of the agency, banking, collection, receipt, reporting, custody, investment or disbursement of municipal funds.

According to statute, the Fiscal Assistant Secretary is appointed by the United States Secretary of the Treasury. The Fiscal Assistant Secretary is the highest ranking career official in the Department of the Treasury. The Fiscal Service, which the Fiscal Assistant Secretary heads, includes the Bureau of Government Financial Operations (which since 1984 has been known as the Financial Management Service and the Bureau of the Public Debt.

<span class="mw-page-title-main">Cuscal</span>

Cuscal Limited is an Australian company that predominantly provides transactional banking, liquidity and capital management services and products to institutional customers including credit unions, mutual banks and superannuation funds. Cuscal is regulated by the Australian Prudential Regulation Authority (APRA) as an Australian authorised deposit-taking institution (ADI), and by the Australian Securities & Investments Commission (ASIC). It is a member of EFTPOS Payments Australia and the Australian Payments Clearing Association. Cuscal has an A+ credit rating.

Master of the treasury

The master of the treasury or treasurer was a royal official in the Kingdom of Hungary from the 12th century. Although treasurers were initially responsible for collecting and administering royal revenues, they adopted more and more judiciary functions and turned into the highest judges of the realm. From the 14th century, treasurers presided over the court of appeals for a group of the free royal cities, including Buda, Bártfa, Eperjes, Kassa, Nagyszombat and Pressburg (Pozsony).

References

  1. Degenhart, Dr. Heinrich. "The Functions of a Corporate Treasury". www.treasury-management.com. Retrieved April 5, 2018.
  2. Robert, Henry M.; et al. (2011). Robert's Rules of Order Newly Revised (11th ed.). Philadelphia, PA: Da Capo Press. pp. 461, 477–480. ISBN   978-0-306-82020-5.
  3. Robert III, Henry M.; et al. (2011). Robert's Rules of Order Newly Revised In Brief (2nd ed.). Philadelphia, PA: Da Capo Press. pp. 153–155. ISBN   978-0-306-82019-9.

Further reading