Managing Financial Responsibilities
Maintaining accurate, up-to-date, concise financial records is an important aspect of organizational operations. Organizations should select, appoint or elect a financial officer (treasurer) to manage the financial transactions for the organization. In performing the duties of a financial officer, it is important to maintain an accurate picture of the organization’s monetary status in preparation of budgets and planning activities for the year. The setup and maintenance of financial records need not be complicated or time consuming. Some organizations may choose to have a finance/budget committee.
The example of a ledger shown here may be useful in keeping track of organization finances.
An organization should not keep funds in a cash box. Your group may open a checking account with an off-campus financial institution. You will usually be charged a small monthly service fee for your organization’s checking account. When establishing an account, you will need a tax identification number.
Your organization may open a campus account with Accounts Payable, Schofield Hall 104. Accounts Payable exercises no authority over the financial management of your organization, but occasionally they provide advice and/or assistance relating to cash handling, record keeping and financial reporting.