The primary responsibilities of the Treasurer as described in the FOM bylaws are as follows:
The Treasurer of the organization shall have authority over the financial matters of the organization as defined by rules and/or policies established by the Executive Committee.
The Treasurer is responsible for financial operations, monitoring, and reporting for Friends of Mongolia. As a registered 501(c)(3) not-for-profit organization, FOM’s official tax exempt status must be maintained through regular reporting to the IRS and clear financial and accounting policies. The Board of Directors and other Officers hold a legal responsibility along with the Treasurer to act in good faith and to maintain due diligence in ensuring that income appropriately used.
The Treasurer’s general responsibilities include:
- Responsibility for all financial activity within FOM both in the United States and in Mongolia
- Authorization to withdrawal cash, write checks and transfers funds between FOM accounts to satisfy the legitimate and approved expenses of FOM
- Maintaining financial records in a digital format that include bank statements, receipts for expenses incurred, receipts for donations, tax forms, and all other documents that relate to FOM’s finances and tax status
- Completing forms as needed to retain FOM’s 501(c)(3) status
- Preparing and distributing an annual budget, created in consultation with the Co-Directors and Executive Committee
- Receiving funds, generally by check or online donation system
- Acknowledging donations with a donor receipt
- Ensure that donations are recorded
- Work with National Peace Corps Association on joint memberships
- Prepare financial reports
The Treasurer will work with the Membership Coordinator to when renewing and adding new members.