OWA+DP Treasurer – what do they do?

Did you know that OWA+DP has a Treasure? In order for the OWA+DP to comply with the requirements for non-profit organizations, we need a treasurer (also known Chief Financial Officer).

Judy Rowe is the current Treasurer of the OWA+DP and has held this position for over ten years. Judy was elected when Mui Ho resigned after she held this position since the beginning of the OWA. Being treasurer requires a person who is willing and able to watch over the financial wellbeing of the organization and advise the Steering Committee and members of the impact of financial decisions. According to the OWA+DP Bylaws…

"The treasurer (chief financial officer) shall keep and maintain, or cause to be kept and maintained, adequate and correct books and accounts of the corporation's properties and transactions. The treasurer (chief financial officer) shall send or cause to be given to the members and directors such financial statements and reports as are required to be given by law, by these bylaws, or by the board (steering committee). The books of account shall be open to inspection by any director at all reasonable times.

The treasure (chief financial officer) shall (1) deposit, or cause to be deposited, all money and other valuables in the name and to the credit of the corporation with such depositories as the board may designate; (2) disburse the corporation's funds as the board (steering committee) may order; (3) render to the president, chair of the board (steering committee), if any, and the board (steering committee), when requested, an account of all transactions as treasurer (chief financial officer) and of the financial condition of the corporation (non-profit); and (4) have such other powers and perform such other duties as the board or the bylaws may require.”

According to the “web-site”, roles and responsibilities of the Treasure are:

• Track income and expenses and prepare monthly financial statement for Steering Committee and annual (business) meeting review and approval.
  
• Coordinate the filing of annual tax return.
  
• Ensure business documents are filed properly with financial institutions and the state.
  
• Administer scholarship program if program is offered.
  The financial procedures the OWA+DP are:
  
• A minimum of two members in good standing must be listed as signatures for the OWA+DP bank accounts.
  
• All dues shall be deposited within one month of receipt.
  
• All checks written over $1,500 must require two steering committee member signatures.
  
• All bank statements showing all deposits and checks issued must be presented at every steering committee meeting.
  
• The annual budget and financial statement shall be distributed at the Annual Meeting.
  
• The annual budget shall be approved by a majority of the membership in attendance or by written proxy at the Annual Meeting.
  
• Any expenditure over $5,000 shall have prior approval of a majority of the voting membership.

If you have attended the OWA+DP annual business meeting in the last ten years and/or attended a steering committee meeting you have witnessed “budget” presentations by our treasurer. Judy Rowe takes this position very seriously and is the financial “watch dog” for the OWA+DP. Thanks to both Mui and Judy for all their great financial caretaking over the years. If you have any questions about our finances, just send Judy an email.