DBIO Recommended Practices - Treasurer

Function: The Treasurer serves as a member of the Division Executive Board, records all financial records, and prepares the Annual Financial Statement, which must be audited. All financial transactions are closed and reported as of December 31st. The elected term of office is two years.

Duties:

1. To collect, deposit, and expend the funds of the Division as required and authorized by the Chair.
2. To keep an accurate and detailed record of Division funds, to be able to report the financial condition of the Division, whenever such a report is required. The account of the Division funds is audited annually.
3. To draw and sign checks on behalf of the Division. (Two signatures on checks are not required, but the account carries both Treasurer and Division Chair as authorized signatories.)
4. To obtain receipts for all monies expended.
5. At the Editor’s request, to send invoices for Biofeedback advertising and to notify the Editor when checks are received.
6. To alert the person(s) in charge of soliciting contributions for the SLA Annual Conference (e.g. Fund Development Committee Chair) when payments are received, and to send written acknowledgement of the payments to donors.
7. To furnish the Division Chair and Executive Board guidance in the preparation of the annual budget.
8. The Treasurer and Chair in consultation will appoint an Auditor in conformity with the current Association guidelines.
9. To provide the Auditor, in January, the Annual Financial Statement for the previous calendar year for certification.
10. To review the Treasurer section of the Recommended Practices in February, and to submit corrections and revisions (including new or revised forms) to the Director for inclusion in the next revision.
11. To obtain taxpayer identification numbers, such as Social Security numbers, from all direct recipients of Division funds.

Reports and Records: The Treasurer is responsible for the following:

1. Preparing the Annual Financial Statement for the Division, using forms and instructions sent out by the Association each year. The fiscal year of all Divisions begins January 1 and ends December 31. All financial records must be maintained on this basis. The audit should be done by an auditor appointed in consultation with the Division Chair under current Association guidelines. Copies of the statement must be sent to the following: SLA Director, Finance (as many copies as requested in the Annual Financial Statement instructions); one copy to the Division Chair; one copy to the Division Archives. One copy is retained in the Treasurer's file.  Delay in providing proper reports or corrections will delay receipt of the Division's allotment check.
2. Preparing an annual report upon the request of the Division Chair.
3. Arranging for transfer of files and software to successor by February 11th or to the Division Archives, as appropriate. At the end of operational year all files more than one year old should be transferred to the Archives. (Exception should be made for files which are necessary to maintain continuity, such as for special Division projects which have a longevity greater than one year, as well as for ongoing publication activities, such as Biofeedback). All other files should be transferred to the incoming Treasurer.  Files should include any important fax or e-mail messages, correspondence and summaries of all verbal communications which relate to the business of the Division and should be maintained in the records.

Operational Procedures:

1. All funds must be deposited to a bank account of the Division as promptly as possible. Each deposit must be identified by source. The Division may have savings accounts as well as a checking account. The transfer of funds from checking to savings should be based on the amount of money in the Division's possession and on the amount of activity in the checking or savings account.
2. To avoid currency exchange problems, it is advisable that the accounts be in banks in the U.S. rather than Canada. A bank may require the adoption of bank resolutions by the Division's Executive Board. Two check signatures must always be registered with the banks. All bank accounts must be in the name of the Special Libraries Association (for example: SLA, XYZ Division); a bank account must not be in the name of the individual.
3. A simplified, single-entry bookkeeping system is sufficient for most divisions. Books should be maintained in electronic format and the data must be passed on to the next treasurer.
4. Every expenditure must be authenticated by an invoice, receipt, or other formal justifying document.
5. All individuals and corporate entities (including not-for-profit organizations), regardless of country of origin, who will directly receive any Division funds must submit taxpayer identification numbers (TINs), either by returning to the Treasurer completed W-9 or
   W-8 forms, or submitting the equivalent information to the Treasurer. As the IRS can fine SLA for failure to keep TINs on file, it is advisable to enforce TIN requests by withholding payments until TINs are submitted. Payees should be advised that simple reimbursements for expenses incurred are not reported to the IRS.

Bank Accounts:

1. There is a checking account and an account with the SLA Pooled Fund.
2. All accounts require the signature of either the Treasurer or Chair on checks. Both are listed on the signature cards as being able to write and sign checks. The incumbent Treasurer is responsible for obtaining new signature cards and completing them as new officers are elected.
3. It is recommended that accounts be left in the same banks and not changed every time there is a new Treasurer. Changes in banks may be proposed to the Executive Board when it is in the financial interest of the Division to do so.

Budget: The Division Budget is a planning document, used to project future income and expenditures. At the annual incoming Executive Board meeting, the Executive Board and the Committee Chairs should discuss the projected budget. This will give the Treasurer an opportunity to know with whom she/he will be corresponding in regard to financial matters, and to brief everyone on the budgeting and reimbursement processes (including the use of forms).

Items of Note:

1. The Treasurer shall be aware that there may be times when it is necessary to have checks payable in foreign currency.  This may mean that the Treasurer will have to obtain a money order payable in the foreign currency as the Division Bank will not accept checks written in non-U.S. currencies.
2. The Annual Report to the Association is due in January.
3. The Treasurer provides copies of travel and committee expense forms to officers and committee chairs. These forms are available on the Division’s web site at:
   http://dbiosla.org/forms/committee.pdf
   http://dbiosla.org/forms/travel.pdf
   
   Original receipts are required for reimbursement. Copies of the Check Request and Payment Approval Form (for direct payment of bills) are available at http://dbiosla.org/forms/checkreq.pdf
4. Travel funds of up to $1500 for the current year's Division Chair, Chair-elect, and next year's Program Planner to attend the SLA Leadership Summit are made available upon request and submission of travel vouchers. Travel funds of up to $1500 for the current Division Chair, Chair-elect, and Program Planners of both the current year and next year to attend the SLA Annual Conference are made available upon request and submission of travel vouchers.
   Rev. April 16, 2015
5. All fund expenditures made by the Treasurer must be approved by the Division Chair by his or her signature on a committee expense form.
6. All Treasurers should review the Unit Treasurer information on the SLA website at:
   http://www.sla.org/governance/chapters/unit-treasurer/

Rev. April 2015