Duties of Treasurer

Term of Office: two years

The OFWIM Bylaws State in Section 11: “The treasurer shall monitor and report on the finances of the Organization, its bank account and collection of annual dues. The treasurer will also provide the president with a list of paid up members at the beginning of the annual business meeting.”

Upon election to the position:

  • Retrieve all treasury documents from previous treasurer.
  • File IRS Form 8822 Part II to change the OFWIM tax address to your home or work location. Reason: to ensure all tax related documents are mailed to the current treasurer.
  • If the previous treasurer had a different home location, transfer the OFWIM bank accounts to a local bank. Add the current President-Elect as a secondary signer on the account. Transferring the accounts will cause the account numbers to change. Order new business checks, an endorsement stamp for bank deposits, and a debit card for the new account. Reasons: (1) to facilitate interactions with the bank in the Treasurer’s home city, (2) to establish FDIC backing of the accounts in the treasurer’s home state, (3) to establish a backup signer on the account who is authorized to step in and deal with the accounts, should the need arise.
  • Participate in ExCom conference calls.

Other guidance:

  • Maintain a spreadsheet of all revenue and expenditures, including the date, check or invoice number, vendor or recipient, and purpose.
  • Maintain an accurate balance of our accounts at all times so that this may be provided to the Executive Committee immediately upon request.
  • Pay all invoices within 30 days and/or within the timeframe stipulated in the contract or invoices.
  • Deposit all funds received within 30 days. Provide receipts containing the organization name and tax ID number for membership dues (serves tax deductible documentation for members) and conference registration payments.
  • Report membership renewals to the Secretary for the membership database.
  • Submit tax returns each year. The tax year is January 1 through December 31. Returns are due by May 15th each year. An e-postcard (Annual Electronic Notice Form 990-N) is to be filed for years that our gross income is less than $25,000. If the organization’s gross income exceeds $25,000 year, Form 990 (or 990EZ) is to be filed. See the IRS website for copies of the necessary forms and information on how to file.