Most churches have a number of financial operations that need to be managed by a qualified and trustworthy individual. This is where the job of a church treasurer comes in. A church treasurer is responsible for the collection, recording, spending, and investment of the church’s money.
They work alongside the board of ministers, tending to general fundraising, bookkeeping and tax responsibilities. A church treasurer needs to uphold a strong sense of integrity and maintain impeccable character, as they are entrusted with the management of the church’s hard-earned money.
Church treasurers usually have degrees in finance or accounting, as well as experience in being a treasurer or financial manager for a company. Read on to find out about what a church treasurer does on a weekly, monthly, and yearly basis.
Weekly Duties of a Church Treasurer
The church treasurer is responsible for covering weekly expenses and paying employees. However, their main weekly duty is to collect the donation envelopes left by parishioners and deposit the funds into the church’s bank account. The treasurer checks to see whether the amount donated matches what is written on the envelope.
From here, they prepare receipts for the donors and record the transaction. During this process, the church usually enlists the help of a deacon or another responsible individual to oversee the collection of donations and ensure that the money is not improperly used.
Monthly Duties of a Church Treasurer
Each month, the treasurer attends church administration and vestry meetings to present the church’s monthly financial report. This includes details of how much was spent on operating the church and other expenditures. They’ll also provide a report detailing how the church’s investments are performing on the current market, if they have any.
Before this happens, the treasurer ensures that the ledger was compiled accurately by comparing it against the church’s bank statements. If customary, the treasurer will also prepare a financial update for the monthly newsletter. The treasurer will also monitor expenses and determine where money can be saved.
For instance, if they notice that the church’s energy bill is increasing, they can use a website such as Utility Bidder to compare church energy prices and find a more suitable supplier. Any effort to reduce the church’s monthly expenses is welcome, as this can help the church better invest its income.
Yearly Duties of a Church Treasurer
On a quarterly basis, the church treasurer is responsible for providing quarterly financial statements. This is important for donors, as it helps them claim their tax-deductible donations. The treasurer is also responsible for the timely submission of statements to HMRC.
On an annual basis, the treasurer may be responsible for making the necessary arrangements to perform an external audit on the church’s finances. Other yearly duties include the preparation of tax forms and proposing a budget for the financial year ahead.
The church treasurer’s duties carry a heavy burden of responsibility and trust. They need to have a keen eye for detail and be able to properly utilise sound accounting practices. In doing so, they provide a highly valuable service to the church.