Adams Stirling PLC


QUESTION: I am the treasurer of our association. Our bylaws state "The Treasurer shall supervise the receipt and deposit in appropriate bank accounts of all monies of the Association, and the expenditure of such monies." I believe this statement empowers me to direct anything related to collection, deposition, and expenditure of association funds, including the accounting activity used for such purposes, without direct concurrence or intervention from the remaining board members. Is this point of view valid?

ANSWER: No, it's not valid. The board can still establish policies and procedures for collecting, depositing and spending the association's monies. The treasurer then supervises to make sure the board's policies are carried out. The board can give you a great deal of latitude in handling funds, but it is at the board's discretion. Moreover, the board is responsible for its delegation of duties into your hands. It should be looking over your shoulder to make sure you are doing your job.

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Adams Stirling PLC