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Duties and Responsibilities of a Local Union Treasurer November 2009 PowerPoint PPT Presentation


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Duties and Responsibilities of a Local Union Treasurer November 2009. Duties and Responsibilities of a Local Treasurer Part 1: The Basics. The treasurer Manages the local’s finances. Duties and Responsibilities of a Local Treasurer Part 1: The Basics. The treasurer

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Duties and Responsibilities of a Local Union Treasurer November 2009

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Duties and Responsibilities

of a Local Union Treasurer

November 2009


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Duties and Responsibilities of a Local TreasurerPart 1: The Basics

The treasurer

  • Manages the local’s finances


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Duties and Responsibilities of a Local TreasurerPart 1: The Basics

The treasurer

  • Manages the local’s finances

  • Files the paperwork required by the federal government


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Duties and Responsibilities of a Local TreasurerPart 1: The Basics

The treasurer

  • Manages the local’s finances

  • Files the paperwork required by the federal government

  • Files the paperwork required by the national union


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Duties and Responsibilities of a Local TreasurerPart 1: The Basics

Step 1:

Get bonded

Bond: To obtain a surety policy on officers who will have access to your local’s finances if your local has property or annual receipts of more than $5,000


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Duties and Responsibilities of a Local TreasurerPart 1: The Basics

The Department of Labor website has more information about bonding on this page


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Duties and Responsibilities of a Local TreasurerPart 1: The Basics

Step 2:

Take custody of the local’s bank records, checkbook, ledgers and other financial records

(Tip: These records must be saved for five years)


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Duties and Responsibilities of a Local TreasurerPart 1: The Basics

Keep the local’s financial records, including check book, bank statements, receipts, invoices and correspondence, in a locked drawer, cabinet or other secure area within the local’s permanent office-- not your home


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Duties and Responsibilities of a Local TreasurerPart 1: The Basics

Step 3:

Change the bank account so that you and the president or designated officer may conduct the local’s banking

The national union requires the local to use two signatures on every check from the local treasury


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Duties and Responsibilities of a Local TreasurerPart 1: The Basics

To change the bank account, you MUST use an Employer Identification Number…

NOT a personal Social Security number

To get an EIN, you can download our EIN.pdf at the end of this training or visit the IRS webpage about EINs


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Duties and Responsibilities of a Local TreasurerPart 1: The Basics

The national union does not allow locals to use ATM cards

Locals may request a waiver to this policy from the national president

Use of petty cash fund is discouraged; if necessary, keep less than $100 and document every expenditure properly


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Duties and Responsibilities of a Local TreasurerPart 1: The Basics

Submit copies of financial records to national union auditor every six months

Auditor will contact you for records


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Duties and Responsibilities of a Local TreasurerPart 1: The Basics

You will be responsible for these filings:


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Duties and Responsibilities of a Local TreasurerPart 1: The Basics

You will be responsible for these filings:

  • The LM form with the DOL: You will file an LM 4 if your local’s annual receipts are under $10,000, or an LM 3 if your local’s annual receipts are between $10,000 and $250,000.


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Duties and Responsibilities of a Local TreasurerPart 1: The Basics

You will be responsible for these filings:

  • The LM form with the DOL

  • The Form 990 with the IRS: You may file the electronic postcard version (990-N) if your local has annual receipts of less than $25,000. If your local has annual receipts of more than $25,000, you will file the 990-EZ.


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Duties and Responsibilities of a Local TreasurerPart 1: The Basics

DOL and IRS forms will have separate training.

Helpful links:

  • DOL Guide to LM-3

  • DOL Guide to LM-4

  • IRS Training on 990_EZ

  • IRS page on 990-N

  • Slideshow on completing Form 990-N


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Duties and Responsibilities of a Local TreasurerPart 1: The Basics

Handling the local’s money:

Make sure that all of the money coming in and going out is accounted for

Make sure that all of the money the local spends is spent in the members’ best interest


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Duties and Responsibilities of a Local TreasurerPart 1: The Basics

Make sure that all of your union expenses are:

  • Authorized

  • Documented

  • Explained


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Duties and Responsibilities of a Local TreasurerPart 1: The Basics

Authorized:

Every expenditure requires authorization consistent with your bylaws and the principle of democratic decision-making, such as a motion passed at a local meeting or a vote taken by your local executive board


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Duties and Responsibilities of a Local TreasurerPart 1: The Basics

Documented:

Every expenditure should have documentation, such as a bill or receipt

Anyone authorized to spend the local’s money should give you a receipt or bill for the expenditure


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Duties and Responsibilities of a Local TreasurerPart 1: The Basics

Explained:

Whenever you record an expenditure, make sure you explain it for future reference

Good examples: “Monthly bill for union office telephone” or “Little League sponsorship”

Bad examples: “Assorted,” “other,” “office stuff”


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Duties and Responsibilities of a Local TreasurerPart 1: The Basics

You can find helpful tips on local finances and other help for small unions at this DOL webpage


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