Set a budget:
Estimate subscriptions income and any other income. Estimate club costs. Once you know both of these, you’ll have an idea of the funds that are available to the club. Decide what the club can afford and what it wants to achieve. You might need to adjust your subscriptions if the club has ambitious plans. Remember that any subscription increases have to be approved by the club, not just the committee.
Decide on your bank account signatories and adjust the previous signatories so the new ones have access to the bank account. Many banks will require you to have at least two people signing or authorising each transaction so it’s a good idea to have three people involved so two are always available. Your Treasurer should be one of these. If the President is not a signatory, make sure they have view access to the bank account so they have an overview of what is going on.
Ensure you have a system that can provide supporting documentation for all payments you make from the bank account. Any payments or income should be able to be explained to the Club.
Collect membership subscriptions:
Request subscriptions early so members have time to factor them into their budgets. Having members pay directly into the club bank account rather than by cash or cheques will save the Treasurer time
Pay membership renewals:
This is a primary job of the Treasurer. If members’ subscriptions are not paid to Toastmasters International, members and the club are limited in what they can access, e.g. Pathways, contests. This is regardless of whether the member has paid the club. The payment must go to Toastmasters International.
A club ‘in good standing’ must have at least eight members’ subscriptions paid to Toastmasters International by the end of the renewal period. It’s a good idea to pay your first tranche of subscriptions once you get in eight payments so there is no doubt that your club is in good standing. Also, keep an eye on whether your members who are competing have had their subscriptions paid. If not, it could disqualify them from competing.