In many governments, a treasurer is the person responsible for running the treasury. For the government of parliamentary systems see Executive (government. For the US government securities see Treasury security. Also see Treasury management. Treasurers are also employed by organizations to look after funds.
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Government
The Treasury of a country is the department responsible for the country's economy, finance and revenue. For the US government securities see Treasury security. Also see Treasury management. An economy is the realized social system of production exchange distribution and consumption of goods and services of a country or other area The field of finance refers to the concepts of Time, Money and Risk and how they are interrelated In business revenue or revenues is Income that a company receives from its normal business activities usually from the sale of goods and services The Treasurer is generally the head of the Treasury, although, in some countries (such as the U.S. or the UK) the treasurer reports to a Secretary of the Treasury, or Chancellor of the Exchequer. The United States of America —commonly referred to as the The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located The United States Secretary of the Treasury is the head of the United States Department of the Treasury, concerned with finance and monetary matters, and until The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all Economic and Financial In Australia, the Treasurer is a senior Minister and usually the second most important member of the Government after the Prime Minister. For a topic outline on this subject see List of basic Australia topics. The Treasurer of Australia is the minister in the Government of Australia and head of the Department of the Treasury, responsible for government expenditure A minister or a secretary is a Politician who holds significant public office in a national or regional Government. In Political science and Constitutional law, the executive is the branch of government responsible for the day-to-day management of the State. This article is about the government position For other uses see Prime Minister (disambiguation.
Originally the word referred to the person in charge of the treasure of a noble, however it has now moved into wider use. Treasure (from Greek θησαυρος Thesaurus, meaning "a treasure of the chest" is a Cognate) is a concentration of riches often one Nobility is a government-privileged title which may be either hereditary (see Hereditary titles) or for a lifetime In the UK during the 17th Century, a position of Lord High Treasurer was used on several occasions as the third great officer of the Crown. As a means of recording the passage of Time, the 17th Century was that Century which lasted from 1601 - 1700 in the Gregorian calendar The post of Lord High Treasurer or Lord Treasurer is an old English (after 1707, British) government position Throughout the Commonwealth realms The Crown is an abstract metonymic concept which represents the legal authority for the existence of any government Now the title First Lord of the Treasury is the official title of the British Prime Minister. The First Lord of the Treasury is the head of the commission exercising the ancient office of Lord High Treasurer in the United Kingdom, usually but not This article is about the government position For other uses see Prime Minister (disambiguation.
Corporate treasurers
In corporations, the Treasurer is the head of the corporate treasury department. They are typically responsible for liquidity risk management, cash management, issuing debt, foreign exchange and interest rate risk hedging, securitization, oversight of pension investment management, and capital structure (including share issuance and repurchase). In Finance, liquidity risk is the risk that a given security or asset cannot be traded quickly enough in the market to prevent a loss (or make the required profit In United States Banking, cash management, or treasury management, is a Marketing term for certain services offered primarily to larger business Debt is that which is owed usually referencing Assets owed but the term can cover other obligations The foreign exchange ( currency or forex or FX) market refers to the market for currencies. Interest rate risk is the risk (variability in value borne by an interest-bearing asset such as a loan or a bond, due to variability of interest rates. In Finance, a hedge is an investment that is taken out specifically to reduce or cancel out the Risk in another investment Securitization is a Structured finance process which involves pooling and repackaging of Cash flow producing financial Assets A follow-on offering (often called secondary public offering just secondary offering) is an issuance of Stock subsequent to the company's Initial public A treasury stock or reacquired stock is Stock which is bought back by the issuing Company, reducing the amount of Outstanding stock on the They also typically advise the corporation on matters relating to corporate finance. Corporate finance is an area of Finance dealing with the financial decisions Corporations make and the tools and analysis used to make these decisions They could also have oversight of other areas, such as the purchase of insurance. Insurance, in Law and Economics, is a form of Risk management primarily used to hedge against the Risk of a contingent loss
There are various Treasurer associations. The International Group of Treasury Associations (www. igta. org) is composed of about 30 treasurer's organizations in the world. In Europe, the European Associations of Corporate Treasurers (www. eact-group. com) federates 17 national treasurers associations from 16 countries.
In the Inns of Court
'Master Treasurer' is the title held by the bencher heading the Inn for that year. The Inns of Court in London are the professional associations to one of which every barrister in England and Wales (and those judges who were formerly barristers A bencher or Master of the Bench is a senior member of an Inn of Court. This title is similarly used by other legal associations sharing a British heritage, such as the Law Society of Upper Canada. The Law Society of Upper Canada (LSUC is responsible for the self-regulation of Lawyers in the Canadian province of Ontario, Canada.
In other organizations
Many other organisations, particularly not-for-profit organisations such as charities, unions, and churches, appoint treasurers, who are responsible for conservation of the treasury and for generating income for the group, whether this be through pricing of a product, organizing sponsorship, or arranging fundraising events. A non-profit organization ( abbreviated "NPO" also "not-for-profit" is a legally constituted Organization whose objective is to support or engage The definition of charitable organization, and of charity varies according to the country and in some instances the region of the country in which the charitable organization operates A trade union or labour union is an organization of workers who have banded together to achieve common goals in key areas such as wages hours and working conditions forming
The treasurer would also be part of the group which would oversee how the money is spent, either directly dictating expenditure or authorising it as required. It is their responsibility to ensure that the organization has enough money to carry out their stated aims and objectives, and that they do not overspend, or underspend. They also report to the board meetings the financial status of the organization to ensure checks and balances. Accurate records and supporting documentation must be kept to a reasonable level of detail that provides a clear audit trail for all transactions.
See also
External links
- O*NET-SOC 11-3031.01 ~ Treasurers and Controllers
- U.S. Department of Labor SOC 11-3031 ~ Financial Managers
- Treasurer articles
Dictionary
treasurer
-noun
- The head of a corporation's treasury department.
- The official entrusted with the funds and revenues of an organization such as a club.
- The government official in charge of the Treasury.
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