The board treasurer oversees the finances of the organization and serves as chair of the organization’s finance committee if there is one. The treasurer utilizes an accounting and finance background in overseeing the preparation of all regular weekly, monthly and annual financial reporting, including the preparation of annual tax documents.
A finance committee member helps oversee the creation of the budget, monitors and reports on the financial status and activities of the nonprofit.
The board member responsible for finance should have experience in budgeting, real estate, investments, operating a business, banking, accounting (specific knowledge of nonprofit accounting and generally accepting accounting practices) in order to provide overall guidance in the area of financial planning and resource utilization.