What is the Role of Treasurer in Housing Society?

A treasurer is someone who oversees the financial affairs of a housing society. Their main role is to steer the society’s finances and take care of any legal matters. My maternal uncle is a treasurer, and I have heard a great deal about his roles and responsibilities on a daily basis. As far as I know, the key role of treasurer in housing society is to safeguard the society’s finances and create a community-centric budgeting system. 

What is the Role of Treasurer in Housing Society?

My uncle had once told me that a treasurer has varied contributions and responsibilities towards the society’s financial stability. As the previous answers have comprehensively mentioned already, treasurers are extensively involved in budgeting, book-keeping, banking, and wealth management. Here are some of the primary responsibilities that I know of a treasurer. 

1. They are involved in depositing all funds into the designated bank or depository.

2. They facilitate payments to vendors and service providers through checks or online transfers.

3. I also learned that treasurers draft comprehensive financial transaction policies and also develop budgets tailored to specific activities such as festivals or renovations

4. They release financial forecasts by preparing revised projections.

5. They are also known to keep track of secure banking practices to ensure the protection of the funds.

6. A treasurer is also responsible for strategic fundraising which involves playing an advisory role in fund utilisation and providing insights to the management.

7. Another key role of a treasure is to adhere to guidelines set by financial institutions including the cooperatives, nationalised banks, and the RBI.

These are a few of the responsibilities that a treasurer holds and I hope it gives you some insights on the same. 

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The role of a treasurer in a society is crucial for effective financial management and accountability. A housing society should elect a treasurer who possesses the following qualities: financial literacy, attention to detail, ethical values.

What is the Treasurer Role in Society?

A treasurer is an elected office bearer within a housing society. Their primary responsibility is to oversee the financial and legal aspects of the society. The treasurer ensures accurate management and oversight of all financial transactions and undertakings.

• Financial Management

  :

1. Deposit all monies received by the society into the bank or depository and issue receipts to payers.

2. Maintain records of members’ contributions (maintenance, repair funds, common funds, etc.).

3. Monitor payment dues and defaults, implementing a functional due collection procedure.

• Budgeting

  :

1. Assist in creating and managing the society’s budget.

2. Ensure prudent financial planning and allocation of funds.

• Accounting/Book-keeping

  :

1. Pay vendors, service providers, etc., through cheques or online transfers.

2. Reconcile member ledgers, passbooks, and statements with general accounts annually.

• Asset Management/Investment

  :

1. Oversee the society’s assets and liabilities.

2. Make informed decisions regarding investments.

• Fundraising

  : Explore fundraising options for specific projects or needs.

• Compliance

  : Ensure legal and financial compliance with relevant laws and regulations.

What are the Distinction Between Treasurer and Secretary:

• Sometimes, people confuse the roles of the secretary and treasurer.

• While the secretary’s role is administrative and communication-oriented, the treasurer is responsible for actual finance-related tasks.

• The treasurer handles financial transactions, whereas the secretary focuses on administrative matters.

Hope this was helpful!

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All elements of society's accounting system involve the treasurer, who is essential to the process. I was also treasurer of the housing society back in 2020. It made me aware of all the responsibilities of the treasurer in a housing society. I suggest you keep reading to know about the responsibilities of society treasurer.

What are the duties of treasurer of cooperative housing society?

The elected person of a housing society who is in charge of finances, legal compliance, resources, and responsibilities is known as the treasurer. The treasurer's main duty is to effectively manage and keep an eye on all of the society's financial activities. You will find more info about what is the role of treasurer in housing society.

What is the responsibility of treasurer in housing society?

• You have to divide up management fees in relation to society's budgeting and expected spending. You must obtain the management committee and general body members' permission before assessing fees to members.

• You have to handle society's financial transactions, legal registrations, as well as other documents. You have to do it only if the secretary is unable to perform this task or if the management board chooses.

• The role of treasurer in society is to create, sign, and hand out checks to service suppliers, consultants, and labourers. You must save properly signed, date-stamped pay slips for cash and checks. 

• All members of the managing committee are expected to join the monthly meetings. If for any purpose you are unable to participate, please submit a written application and have it approved by other authorised members.

• Set up and deliver tax reminders to property owners. The treasurer is in charge of taking measures to reclaim that money if there are outstanding tax payments.

• It's necessary to keep records in order to track any loans or revenues that may be generated aside from property owners' tax payments.

• You should make sure that extra cash doesn't exceed Rs 5000 and that any payment exceeding Rs 1500 is made via check.

• You need to prepare the balance sheet in advance of the AGM, approve it in committees, and then request the auditors to review the final accounts.

You are now aware of the responsibilities of the society treasurer.