3. Term of Office
4. Duties (I): Record Keeping; Paying of Bills
5. Duties (II): Other Responsibilities
The candidates for treasurer must:
a. be a member of the Society
b. be organized and prompt in business affairs;
c. have some experience with investment management, budgeting, and financial reporting.
The Treasurer is responsible for the financial accounts of the Society.
3. Term of office
The Treasurer is elected by the Society to a two-year term. An incumbent may run for re-election unopposed, by decision of the Board. The term-limit for Treasurer is set at a maximum of eight years (four terms).
4. Duties (I): Record keeping; paying of bills
a. The Treasurer ensures that accurate records are kept of the Society's financial transactions.
b. The Treasurer is notified, through a quarterly report, of all deposits of monies and negotiable instruments in the name, and to the credit, of the Society for American Music in such depositories as the Board may from time to time designate.
c. The Treasurer is notified, through a quarterly report, of the payments of all bills through checks drawn on the account of the Society for American Music. No money beyond that which is formally budgeted may be spent in the name of the Society without prior approval of the Board.
5. Duties (II): Other responsibilities
a. Committee memberships
The Treasurer serves as Chair of the Finance Committee and as a member of the Development Committee.
b. Financial reports
Working in coordination with the Executive Director, the Treasurer prepares financial reports of income and expenditures for all meetings of the Board. The reports must be in an approved format, demonstrate any problems or significant trends in a manner that requires little explanation, and include the current and previous years' actual and projected income and expenditures itemized by budget account. The Treasurer presents an annual financial report to the membership at the annual business meeting. Each fall the Treasurer prepares a detailed budget proposal for the following year. The Treasurer coordinates with the Executive Director to oversee the Society's accountant, who manages tax issues and makes financial reports to the Internal Revenue Service and other agencies as required by law.
c. Fund management
The Treasurer is responsible for general oversight over the investment of the Society's restricted and unrestricted funds; day-to-day oversight over these funds is handled by the Society's investment manager. Funds defined as restricted can be used only as defined in the deed of gift or organization, as described in the Funds and Awards section.As Chair of the Finance Committee, the Treasurer organizes two meetings in which members of the Finance Committee discuss issues involving previous, current and projected budgets. These meetings are scheduled prior to the two Board meetings in the spring and fall.
d. Finance Committee Meetings