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CHIEF FINANCIAL OFFICER

 

I.  INTRODUCTION

Title of Position

Chief Financial Officer (CFO)

Member of Board

Yes

Attends Board meetings

Yes

Length/timing of term

Two years, elected by the membership

 

Definition from By-Laws:

 

“Chief Financial Officer:  The chief financial officer shall keep and maintain, or cause to be kept and maintained, adequate and correct books and records of accounts of the properties and business transactions of the chapter, including accounts of its assets, liabilities, receipts, disbursements, gains, losses, capital, retained earnings, and any other matters customarily included in financial statements.  The books of account shall be open to inspection by any board member at all reasonable times.

 

The chief financial officer shall deposit, or shall cause to be deposited, all money and other valuables in the name and to the credit of the chapter with such depositories as may be designated by the board of directors; shall disburse, or cause to be disbursed, the funds of the chapter as may be ordered by the board of directors; shall render at such regular meeting of the board, or at such other times as directed by the board, an account of his/her transactions as chief financial officer and of the financial condition of the chapter; shall prepare or cause to be prepared as proposed annual budget to be presented to the board of directors prior to the annual membership meeting; and shall have such other powers and shall perform such other duties as may be prescribed by the board of directors or the bylaws.

 

If required by the board of directors, the chief financial officer shall give the chapter a bond in the amount and with the surety or sureties specified by the board for faithful performance of the duties of his/her office and for restoration to the chapter of all of its books, papers, vouchers, money, and other property of every kind in his/her possession, or under his/her control upon death, resignation, retirement, or removal of office.”

 

II.  POSITION RESPONSIBILITIES: General 

Board and Position Relationship: The CFO provides generalized financial advice and planning services to the Board and alerts the Board in advance of any unusual, significant, or unplanned events/issues that affect the Chapter’s budget or cash flow.

 

Prerequisites and/or Requirements for the Position:  It is recommended that candidates for the CFO position have a basic knowledge of budget and accounting procedures.  It is also helpful if the people are willing to familiarize themselves with the financial software utilized to generate the Chapters financial documents.

 

Supervisory Duties:  The CFO must manage the work of the contract bookkeeper/accountant.

 

III.  POSITION FUNCTIONS/ACTIVITIES: Specific

 

The CFO is responsible for:

                                        

1)         Updating signature cards at Exchange Bank

2)         Presenting an annual budget proposal to the Board each November to be voted on at the December meeting

3)         Writing all checks for goods and services purchased by the Chapter

4)         Maintaining complete, accurate records  of  income and expense

5)         Presenting monthly and annual financial reports to the Board

6)         Having W9 on file for contracted employees

7)         Sending completed 1099 forms to contracted employees by January 31st

8)         Sending copy of 1099 forms to IRS by February 28th

9)         Seeing that taxes are filed by May 15