Legal Definitions - financial secretary

Financial Secretary

A financial secretary is an officer within an organization responsible for managing and maintaining its financial records, often including collecting dues or payments, handling disbursements, and preparing financial reports. This role combines administrative duties typically associated with a secretary with financial oversight responsibilities similar to a treasurer, but with a specific focus on the detailed recording and processing of financial transactions.

• Example 1: In a local community garden association, the financial secretary is responsible for collecting annual membership dues from members, recording all incoming donations, paying invoices for seeds and tools, and providing a monthly summary of the association's financial health to the board of directors. This role ensures that all money is accounted for and that the organization's funds are managed transparently.

  Explanation: This illustrates the role by showing the collection of funds (a treasurer's duty), meticulous record-keeping of income and expenses (a secretary's administrative duty), and financial reporting, all centered on the organization's finances.

• Example 2: For a state-level professional association for architects, the financial secretary processes registration fees for annual conferences, manages expense reimbursements for guest speakers, reconciles the association's bank statements, and prepares interim financial statements for review by the executive committee. They ensure compliance with financial policies and assist with preparations for external audits.

  Explanation: Here, the financial secretary handles specific financial transactions like processing payments and reimbursements, performs reconciliation tasks, and prepares formal financial documents, demonstrating both the administrative and financial management aspects of the role.

• Example 3: Within a small, volunteer-run sports club, the financial secretary tracks player registration fees, manages the petty cash fund for minor expenses like first-aid supplies, pays invoices for field rentals and equipment, and maintains detailed records of all financial transactions to support the annual budget review. They are the primary point of contact for financial inquiries from members.

  Explanation: This example highlights the financial secretary's role in managing incoming funds (fees), controlling small disbursements (petty cash, invoices), and maintaining comprehensive financial documentation, which is crucial for accountability in a smaller organization.