The Treasurer's Handoff File: Build It All Year, Not in June

Every year, somewhere, a treasurer hands a new volunteer a shoebox of receipts and a promise to "answer any questions." The new treasurer spends the summer trying to work out which account is which, what gets paid in the fall, and where last year's reports are.

The fix is simple: don't build the handoff at the end of the year. Start a handoff file now, add to it as you go, and the transition becomes a short conversation instead of a scramble.

Keep one shared folder from day one

Create a single shared folder with clear names, and keep it somewhere the board can reach. The treasurer adds to it during the year, and the next treasurer inherits it.

What goes in the file

• Budgets: the current approved budget and the previous year's.
• Bank records: monthly statements and the reconciliations you've done.
• Reports: the income and expense reports you gave the board.
• Accounts and access: a list of accounts and who is authorized on each, by name.
• Vendors and payment tools: who you pay, how, and what processors you use.
• Recurring items: insurance, licenses, software, and any other payment with a due date.
• Required filings and reports: copies of anything your organization files. Ask your tax professional which filings apply to you.
• Contacts: people at the bank, the insurer, and the school who the next treasurer will need.

Keep passwords out of the file

List which accounts exist and who has access, but don't store passwords in a shared document. Use the method your board has approved for sharing access securely.

Write down "how we do it"

For each recurring task, such as making deposits, reimbursing expenses, and preparing the monthly report, write a short set of steps. If you can explain it in five lines, the next person can do it without guessing.

Plan the account changes

When officers change, the people authorized on the bank account and other financial accounts need to change too. Do this promptly, and have a second officer confirm that it's done, so nobody is left with access they shouldn't have or without access they need.

Do a walkthrough

Set aside an hour for the outgoing and incoming treasurers to go through the file together. Let the new treasurer ask questions while the person who did the job is still there to answer.

Stay reachable for a while

Ask the outgoing treasurer to stay available for questions for a few months. Most questions come up the first time a task happens, which may be well after the handoff.

Check your rules

Your bylaws or financial policies may say how officer transitions should work, including whether the books are reviewed before they change hands. Ask what your organization requires, and follow it.

Your turn: what's the one thing you wish your treasurer's handoff had included? Tell us what you'd add.