Treasurer/Financial Committee

 If you are interested in learning more about this committee, contact the office at 985-4850 or email us.

Purpose: The Treasurer/Financial Committee (TFC) shall be responsible for receiving and safeguarding the assets of HfHYC by depositing all cash in banks or savings institutions that have been approved by the board of directors.

Structure: The TFC is comprised of the Treasurer (chair) and Assistant Treasurer (vice-chair). The Treasurer (and assistant treasurer) shall be selected by the Board of Directors at the Annual Board of Directors meeting (following the annual membership meeting.) Both shall serve on the executive committee of the board. The Treasurer‘s (and assistant treasurer’s) term of office shall be for two years and he/she will normally serve two terms. If a qualified individual cannot be found, the treasurer may serve additional terms of office. The persons elected to the position of treasurer and assistant treasurer should have knowledge and experience in double entry bookkeeping and/or accounting. (The treasurers do not need to be CPAs)

Key Tasks/Responsibilities:

  • Signatory on Accounts—The treasurer shall act as major signatory on checks and withdrawals of assets for approved uses. The assistant treasurer will act in the absence or incapacity of the treasurer. The President of the affiliate will also have signatory authority. Transfer funds from savings to checking accounts as he/she deems necessary.
  • Budget—Establish an annual budget. Work with the project manager to establish each project budget and estimated house cost for the year. Review all expenses monthly to assure that they are remaining reasonably with in the approved budget of the Board of Directors. Recommend changes to the budget to the board of directors if it appears that the approved budget cannot be followed within 10% of the approved amount.
  • Reports—Review cost reports submitted by the Project Manager and maintain project contracts. Prepare monthly and annual Treasurer’s reports.
  • Audit—Solicit bids and select a CPA auditor every third year. Review the triennial formal audit by a CPA audit company and make recommendations for implementing suggested changes as reported in the management letter.
  • Accounts Receivable—The financial committee and the Treasurers are responsible for auditing monthly payments from homeowners and reporting delinquencies to the Family Partnership Team Leader so that the proper steps can be taken to insure prompt and positive actions can be initiated.
  • Accounts Payable—Pay all approved project invoices. Project bills and invoices sent to the Treasurer are to be paid on verbal or written approval from the Project Manager. Maintain charge accounts with suppliers.
  • Communications—Send thank you correspondence to donors.
  • Insurance Coverage—Ensure that Liability and Officers Errors and Omissions Insurance coverage is complete and current.
  • Management of HfHYC office—Maintain HfHYC office. Maintain the legal documents executed between HfHYC and the homeowners.