The Financial Wizards: Treasury Department

The Treasury Department is responsible for overseeing all financial matters within the Association, ensuring transparency, and maintaining accurate financial records

One of the main roles of the department is to maintain the financial records of the Association, including the Association's bank account They keep detailed records of all financial transactions and make them available for inspection as required By maintaining these records, the department ensures accountability and provides a clear overview of the Association's financial position

The department plays a crucial role in seeking sponsorships and financial support for the Association's causes They arrange meetings with lawyers, law firms, legal institutions, organizations, and other interested parties who are willing to sponsor the Association In order to aid in these presentations, the department creates a sponsorship booklet that highlights the Association's objectives, activities, and the benefits of sponsorship Through these efforts, the department actively seeks opportunities for financial support to sustain and enhance the Association's initiatives

To further support the financial sustainability of the Association, the department studies, proposes, and implements projects to generate funds These projects are aimed at legal and ethical means of fundraising, ensuring that solicitations from illegal activities are strictly prohibited By diversifying revenue streams, the department contributes to the financial stability and growth of the Association

The department holds the authority to authorize the disbursement of funds upon the approval of the National Council They ensure that expenses are in line with the Association's financial policies and budgetary guidelines This control mechanism helps maintain financial discipline and accountability

Quarterly and annually, the department submits financial reports to the National Council These reports provide a comprehensive overview of the Association's financial activities, highlighting income, expenses, and the overall financial status Additionally, the department coordinates the annual financial report to be audited by an independent chartered auditor, providing necessary assistance during the auditing process

As an ex-officio member, the department provides financial assistance and supervision to any committee that requires guidance on financial matters Their expertise ensures compliance with financial regulations and best practices, promoting financial efficiency and transparency throughout the Association.

The Treasury Department also serves as a point of contact for interested parties seeking sponsorships and other financial matters. They facilitate communication, provide necessary information, and assist in managing financial relationships with sponsors, donors, and other relevant stakeholders.

In summary, the Treasury Department is responsible for overseeing all financial matters within the Association. They maintain financial records, seek sponsorships, propose fundraising projects, authorize fund disbursement, submit financial reports, coordinate audits, provide financial guidance to committees, and act as a point of contact for financial-related inquiries. Through their diligent efforts, the department contributes to the financial stability, transparency, and growth of the Association.