A treasurer is a corporate officer responsible for managing a company’s financial assets, overseeing budgets, and ensuring accurate financial reporting.
What is a Treasurer?
In a corporation, including a C-Corp, the treasurer plays a key role in safeguarding the company’s finances and ensuring the organization remains financially healthy. This role involves monitoring cash flow, managing bank accounts, overseeing investments, and making sure that the company meets all of its financial obligations such as paying taxes, processing payroll, and paying vendors. The treasurer works closely with other officers, such as the Chief Financial Officer, to prepare budgets, financial statements, and forecasts that help guide strategic decisions.
A treasurer may also be responsible for building and maintaining relationships with banks, investors, and auditors, as well as ensuring that the company complies with all applicable financial regulations. In smaller companies, the treasurer’s duties may be handled by another officer, while in larger corporations it is typically a distinct position.
Although not legally required in every state, appointing a treasurer can provide clear accountability for financial matters, which is particularly valuable for businesses that manage significant capital, work with outside investors, or are subject to regular audits. The treasurer is usually appointed by the board of directors during or after the formation of the company and continues to serve in this role as long as they remain elected and in good standing with the board.
