THE CREDIT INSTITUTE OF CANADA
Generic Position Description for Chapter Treasurer
Role of Treasurer
The Treasurer is responsible for the sound stewardship of all Chapter funds and securities. The focus of
the Treasurer is to ensure that all finances are properly managed in accordance with Generally
Accepted Accounting Principles (“GAAP Canada”) pertaining to “not-for-profit” organizations; that all
financial management and reporting obligations are in compliance with the Articles of Incorporation
(founding document) set out for The Credit Institute of Canada (“CIC”). The Treasurer is one of the
officers of the Chapter and as such, is a member of the Executive Committee. He/she provides
guidance to the Executive Committee and the Board on the feasibility of Chapter projects and
expenditures.
A volunteer in this role has multi-faceted and inter-connecting responsibilities. The volunteer is a
Chapter Director and acknowledges that he/she is bound by all the conditions and responsibilities set
out in generic chapter governance documents titled “Role of the Chapter Director” and “Generic Terms
of Reference for the Chapter Board” in addition to this governance document.
Where the volunteer holds the position of an officer, or chair of a committee or task force, or as a
committee or task force member, he/she is also bound by all the conditions and responsibilities set out in
the prescribed respective generic chapter position descriptions, and committee and task force terms of
reference.
All generic governance documents for chapters, as may be amended from time to time, are reviewed
beforehand by the National Governance and Bylaws Committee (“NGBC”) and receive final review and
approval by the National Board.
Election and Term of Office
Immediately following the Annual General Meeting (“AGM”), the Board elects a Treasurer from its
ranks as an officer of the Chapter. The Treasurer should be prepared to serve two consecutive
one-year terms to ensure continuity. Moreover, the Treasurer is limited to the consecutive one-year
terms in accordance with policy approved by the National Board.
Vacancy
In the event the Treasurer is not able to continue his/her role in this position, the Board shall elect a
replacement from its ranks for the balance of the term of office until the incumbent can resume the
responsibilities in this position, or until the next AGM, whichever comes first.
Accountability
The Treasurer shall be accountable to the Board and the membership for his/her performance of the
governance and management of the financial business of the Chapter. The Treasurer shall be a signing
authority unless the Chapter Board has passed a resolution whereby the Treasurer shall not be a
signing authority for the Chapter. The President shall be one of a minimum of three authorized
signing authorities for the Chapter. If the Chapter does not permit the Treasurer to be a signing
authority, then the Vice President must become the second signing authority. In any event, the
National Director representing the Chapter must be a signing authority for the Chapter in
compliance with the National Board resolution approved at its Board meeting on June 16, 2009.
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Resources
Since the Chapter is a “not-for-profit” entity, it conducts its affairs with a Board of volunteers without
any remuneration. The Board is both a policy-making and working entity.
Qualifications, Skills and Experience (in random order)
Further to the qualifications listed in the document titled “Role of a Chapter Director,” the Treasurer:
1. Demonstrates an interest in taking a leadership role in overseeing the day-to-day operations of
the Chapter.
2. Has a CIC designation, or in the alternative has specialized financial education such as CGA,
CMA or CA.
3. Has a sound working knowledge of CIC and the Chapter, and is familiar with the following:
a. Articles of Incorporation (founding document) of CIC.
b. By-laws of CIC.
c. By-laws of the Chapter.
d. Code of Ethics.
e. Financial affairs of the Chapter and CIC.
f. Privacy legislation (federal and provincial).
4. Has the ability to read, understand and interpret financial statements for the Board.
5. Demonstrates an aptitude to effectively compliment the leadership of the President, or in his/her
absence the Vice President, by respectively assisting each of them in governing astutely and
managing prudently the Chapter financial affairs.
6. Demonstrates an ability to listen to the spoken word, takes the appropriate steps to understand
the issues, and articulates viable options and a plan of action.
7. Demonstrates an ability to work co-operatively and is a team builder.
8. Recognizes that the need for computer literacy is a necessary asset.
9. Has a reasonably good understanding of parliamentary procedures.
Time Commitment (in random order)
In addition to the time commitments listed in the document titled “Role of a Chapter Director,” the
Treasurer should be prepared to dedicate the additional time required to fulfill his/her responsibilities (all
quoted times are approximate):
1. Prepares and presents the financial reports for the monthly Board meeting (a minimum of 8
meetings per year) and AGM in April – 1 to 2 hours per month.
2. Makes and returns telephone calls, and emails in the course of performing his/her duties – 1 to 2
hours per month*.
3. Attends any Executive Committee meetings convened by the President – 2 to 5 hours per year.
4. Prepares the annual Chapter budget with the assistance of the Executive Committee and
Committee Chairs– 2 to 5 hours per year.
5. Provides all necessary documents for the annual audit – 1 to 2 hours per year.
*Please note time spent may vary widely from a great deal of time to very little depending on the task at
hand.
Responsibilities (in random order including but not limited to the following)
1. Complies with both the National and Chapter Bylaws, and the National Code of Professional
Ethics for the Credit Profession.
2. Provides effective leadership, compliant governance, prudent financial management, and
develops ways of work that promotes shared leadership with the Board members.
3. Contributes to a positive environment for Board deliberations, and for the leadership and growth
of the directors.
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4. Contributes to orienting, coaching and encouraging the Executive Committee and all other
committees to perform their respective duties in preparing budgets and financial reports for
presentation to the Board.
5. Promotes responsible stewardship of financial decisions made by the Board.
6. Works co-operatively and fosters team building with the Board, Committees, and CIC.
7. Directs and distributes information to the Board in support of their learning and decision-making.
a. Complies with policies as may be amended from time to time by National Board.
8. Submits financial statements to the National office throughout each term on a frequency
established by the National Board from time to time.
9. Complies with future National Board resolutions that have relevance to this position as Chapter
Treasurer, financial audits and internal controls.
10. Ensures all the appropriate banking arrangements and agreements are in place and
communicates with the bank as required.
11. Monitors all operating results regularly and collectively engages refinement for improvements.
12. Participates in an annual review with the Board on the achievements of the previous year,
collaborates on identifying the shortcomings and collectively engages refinement for
improvements.
13. Prepares a budget annually.
14. Assists committees in preparing their budgets.
15. Proposes for approval by the Executive Committee a candidate as Auditor for the upcoming year
during the month prior to the AGM. The proposed auditor may be appointed from outside CIC
and must have proven accounting experience to render an expert opinion on the Financial
Statements. In this respect, a person holding a recognized professional designation such as CA,
CGA or RIA would be a potential candidate to perform the audit.
As an alternative, the
proposed Auditor must be a non-Board member who holds a designation of CIC and should
have proven accounting experience to render an expert opinion on the Financial Statements.
16. Communicates and co-ordinates with Committee Chairs in tracking revenue and expenses on a
project by project basis.
17. Ensures financial management practices and policies are established and implemented.
18. Carries out such other relevant tasks as requested by the Board.
19. Presents a financial report prior at each Board meeting.
20. Prepares year end financial statements and submits them to the Auditor along with the
necessary backup.
21. Presents audited financial statements at the AGM. The financial statements must be signed by
both the President and the Treasurer.
22. Calls the motion at the AGM authorizing the Board to appoint the Auditor for the upcoming year.
Note to Chapters: This generic form has been developed by the National Board of Directors to provide a
standardized format for use by all Chapters for their governance. Revisions to this form are permissible to suit
individual chapter needs so long as responsible governance, prudent management, sound financial stewardship
and internal controls are not compromised in any way, shape or form. While Chapters are in possession of
various assets, both financial and otherwise, ownership of those assets rest with CIC. Since Chapters are not
incorporated separately, CIC at the national level is ultimately responsible to ensure it apprises Chapters of the
necessary requirement of providing and engaging only the best practises for responsible governance.
This form was approved by the National Board of Directors on February 13, 2012 and it supersedes all previously
approved forms.
Revised October 29, 2011