TREASURER

Qualifications
Charge
Term of Office
Record Keeping; Paying of Bills
Other Responsibilities

1. Qualifications
Each candidate for treasurer must:

a. be organized and prompt in business affairs;
b. have some experience with investment management, budgeting, and financial reporting.

2. Charge
The treasurer is responsible for the financial accounts of the Society.

3. Term of office
The treasurer is elected by the Society to a two year term. An incumbent may run for re-election unopposed, by decision of the Board.

4. Record keeping; payment of bills

a. The treasurer insures that accurate records are kept of the Society's financial transactions.
b. The treasurer is notified, through a monthly report, of all deposits of monies and negotiable instruments in the name, and to the credit, of the Society for American Music in such depositories as the Board may from time to time designate.
c. The treasurer is notified, through a monthly report, of the payments of all bills through checks drawn on the account of the Society for American Music. No money beyond that which is formally budgeted may be spent in the name of the Society without prior approval of the Board.

5. Other responsibilities

a. Committee memberships
The treasurer serves as a member of the Finance and Development committees.
b. Financial reports
Together with the executive director, the treasurer prepares financial reports of income and expenditures for all meetings of the Board and quarterly reports for the Finance Committee chair, and the executive committee. The reports must in an approved format, demonstrate any problems or significant trends in a manner that requires little explanation, and include current and previous year's actual and projected income and expenditures itemized by budget account. The treasurer presents an annual financial report to the membership at the annual business meeting. The treasurer works with the executive director to make timely financial reports to the Internal Revenue Service and other agencies as required by law.
c. Fund management
The treasurer is responsible for overseeing the management of all restricted and unrestricted funds of the Society. Funds defined as restricted can be used only as defined in the deed of gift or organization, as described in the Funds and Awards section.

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