Legal Definitions - fiscal officer

A fiscal officer is an individual who holds a position of significant responsibility for managing the financial resources, budgets, and expenditures of an organization, government entity, or public body. Their role typically involves overseeing financial operations, ensuring compliance with financial regulations, maintaining accurate financial records, and making decisions related to the allocation and use of funds.

Here are some examples illustrating the role of a fiscal officer:

• Imagine a state government's Comptroller. This individual is responsible for auditing state agencies, ensuring that public funds are spent legally and efficiently, and producing comprehensive financial reports for the legislature and the public. The Comptroller acts as a fiscal officer by overseeing the financial integrity and accountability of the state's operations, managing its financial records, and ensuring adherence to budgetary laws.

• Consider the Chief Financial Officer (CFO) of a major international airline. This person is in charge of the company's entire financial strategy, including budgeting for new aircraft purchases, managing revenue from ticket sales, overseeing investments, and ensuring the company's financial health and profitability. The CFO functions as a fiscal officer by directing all financial planning, reporting, and resource allocation decisions for the corporation.

• Think about the Treasurer on the board of directors for a large charitable foundation. This volunteer board member is tasked with overseeing the foundation's endowment, ensuring that donations are managed responsibly, approving the annual budget for grant disbursements, and reviewing financial statements. This individual serves as a fiscal officer by providing high-level oversight of the foundation's financial assets and ensuring they are used effectively to achieve its philanthropic mission.