JOB DESCRIPTION FOR THE CHIEF FINANCIAL OFFICER (CFO)
As defined in bylaws:
The chief financial officer shall keep and maintain, or cause to be kept and
maintained, adequate and correct books and records of accounts of the properties and business transactions of the chapter, including accounts of its assets, liabilities, receipts, disbursements, gains, losses, capital, retained earnings, and any other matters customarily included in financial statements. The books of account shall be open to inspection by any board member at all reasonable times.
The chief financial officer shall deposit, or shall cause to be deposited, all money and other valuables in the name and to the credit of the chapter with such depositories as may be designated by the board of directors; shall disburse, or cause to be disbursed, the funds of the chapter as may be ordered by the board of directors; shall render at such regular meetings of the board, or at such other times as directed by the board, an account of his/her transactions as chief financial officer and of the financial condition of the chapter; shall prepare or cause to be prepared a proposed annual budget to be presented to the board of directors prior to the annual membership meeting; and shall have such other powers and shall perform such other duties as may be prescribed by the board of directors or the bylaws.
If required by the board of directors, the chief financial officer shall give the chapter a bond in the amount and with the surety or sureties specified by the board for faithful performance of the duties of his/her office and for restoration to the chapter of all of its books, papers, vouchers, money, and other property of every kind in his/her possession, or under his/her control upon death, resignation, retirement, or removal from office.
The Chief Financial Officer is the custodian of the money of the association and is responsible for collecting, depositing in a timely manner, and disbursing the funds of the association.
The Chief Financial Officer's duties include:
1. Attends all board meetings and the annual chapter meeting.
2. Attends board meetings prepared to debate and discuss issues at hand.
3. Regularly handles board business through email, including debate, leaving board meetings as
mainly a voting event for issues already discussed by email.
4. Actively supports the decisions of the Board of Directors.
5. Ensures adherence to the mission and goals of the chapter.
6. Ensures adherence to chapter deadlines.
7. As a chapter officer, acts as a signatory on the chapter checking account, and makes arrangements
with the bank to add or delete board member signatories as may be necessary.
8. Obtains appropriate authorizations for all financial transactions, either as established in the bylaws
or by adopted motion or in Policies and Procedures.
9. Collects all dues according to appropriate procedures for dues payment, notifies of delinquencies,
and provides receipts to dues paying members or ensures that such occurs.
10. Maintains the bank account(s) of the association as separate fund(s) and is responsible for the drafting of all disbursements.
12. Chairs the budget committee, assisting in the preparation of the annual budget for the chapter (See
Appendix 104-A -- Annual Meeting Sample).
13. Maintains, in a timely manner, all financial books and records of the association and prepares
financial reports on a regular basis including a balance sheet and income and expense statement. Such reports are to show the status of all accounts, including the balance at the beginning of the period, all receipts, all disbursements and the balance at the end of the period.
14. Regularly compares the actual costs and revenue to budgeted costs and income and recommends adjustments in spending and/or the budget as necessary.
15. Transfers all material pertaining to the office to the newly elected Chief Financial Officer and educates the newly elected Chief Financial Officer as to the role of the position.
16. Prepares and/or copies year-end financials and submits them to the accountant for preparation of annual tax filing.
Deadline specific issues:
1. Directs the annual report and final budget for each year.
2. Ensures the annual budget is approved by the board at the October board meeting in preparation
for the annual chapter meeting held in November.
3. Ensures the annual report is finished within 120 days after the close of the fiscal year (December
31 is the fiscal year-end).
4. Ensures the annual report is included in the chapter newsletter -- March/April edition. Six weeks
are required for the editorial committee to publish the newsletter; therefore, the report must be submitted to the editorial committee by January 15th (with slight leeway, due to arrival of the January bank statement being slightly after the 15th).
5. Prepares and submits all information necessary to accountant for the filing of yearly taxes by April 15th (taxes are due May 15th of each year).