Changes proposed to LLLI Treasurer’s duties

Changes proposed to LLLI Treasurer’s duties
Revisions to Bylaws

On 21 October 2020, the LLLI Board approved changes in the LLLI Bylaws to the Treasurer’s duties. We are now putting these changes out for a 45 day Leader Review, which will end 19 March 2021. You can read the rationale here. Please review these changes and send your comments and concerns to the board at board@llli.org.

Rationale: When the Bylaws were reviewed last year, it was noted that the Treasurer’s duties did not describe the position in as much detail as would be useful for someone interested in standing for that position. For example, in alignment with best practices for non-profits and for financial transparency, the Treasurer reviews all monthly financial statements and reports to the LLLI Board monthly, not just annually (bullet points 1 and 2). This then enables the LLLI Board to vote on accepting the monthly financial statements and the monthly Treasurer’s Report.

The changes in the wording of item b (original) to bullet point 3 (revised) from “procedures for custody of all corporate funds and securities” to “ensure appropriate management of all assets and expenses” was made in order to include all assets and expenses, not just corporate funds and securities.

Bullet points 8-10 clarify the Treasurer’s role in reviewing the Annual Audit Report and tax filings before they are presented to the Board. As the Treasurer is familiar with the financials, the Audit Committee members felt it important that the Treasurer be able to review the completed Audit
Report and tax filings before they were submitted to the Board (bullet points 8, 9) to aid in responding to questions that may arise from the Board. The revised bylaw also clarifies that the Treasurer, along with the Finance Committee, are responsible for overseeing the implementation of
changes recommended in the Annual Audit Report (bullet point 10).

This change was reviewed and approved by the IMI accounting staff and the external auditors as acceptable practice that does not present any conflict of interest.

Revision Currently in Bylaws
Article V, SECTION 8. TREASURER

The Treasurer is the principal financial officer of LLLI. The Treasurer may also be Finance Committee Chair; if not the Chair, the Treasurer will be an ex officio member of the Finance Committee.

The Treasurer

·       Reviews monthly Financial Statements, investigates discrepancies or other concerns, and requests edits and updates as needed

  • Presents the Treasurer’s Report to the Board of Directors each month
  • Provides oversight to ensure appropriate management of all assets and expenses
  • Prepares the annual budget with the Executive Director and the Finance Committee
  • Verifies closure of the books and their submission for audit as required by the Board and law
  • Performs all duties incident to the office and other duties assigned by the Chair/co-Chairs of the Board
  • Reviews the required financial tax reporting prior to its presentation to the LLLI Board for approval.
  • Reviews the annual audit report with the LLLI Board and prepares a plan for implementing any recommendations made by the auditors.

 

 

 

Article V, SECTION 8. TREASURER

The Treasurer shall be the principal financial officer of LLLI. The Treasurer may also be Finance Committee Chair; if not the Chair, the Treasurer will be an ex officio member of the Finance Committee.

The Treasurer shall :

a. submit or coordinate the submission of the annual budget prepared according to the directives of the Board ;

b. authorize the procedures for custody of all corporate funds and securities according to the guidelines as set down by the Board ;

c. prepare or coordinate the preparation of a financial report for the Board annually or as directed by the Board ;

d. verify closure of the books and their submission for audit as required by the Board and law ;

e. perform all duties incident to the office and other duties assigned by the Chair of the Board

 

 

 

 

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