Financial Duties of Officers

Financial duties of the Secretary-Treasurer

The duties of the Secretary-Treasurer include:

1. Receive money for the union.
2. Deposit money in bank selected by Executive Board.
3. Write checks as required by constitution or authorized by the membership or Executive Board. Always have authorization, documentation, and explanation before issuing a check.
4. Prepare bank reconciliations for each account each month.
5. Sign checks with President or other authorized cosigner only after determining that proper documentation for expenditure is on hand and that expenditure is for appropriate and necessary union business.
6. Send monthly membership report to the International Union Secretary-Treasurer, except for Local Unions whose Council performs this function for its Locals.
7. Send per capita tax payment to International Union Secretary-Treasurer, except for Local Unions whose Council performs this function for its Locals.
8. Keep financial records.
9. Report monthly financial affairs to the Executive Board and membership on a regular basis.
10. Act as custodian of union property.
11. Obtain surety bond coverage at the expense of the union through the International Union. Submit by March 1 of each year "a statement of assets handled during the previous calendar year for the purpose of computing the amount of the bond" (International Constitution, Article IX, Section 25).
12. File the Local Union Annual Financial Report with the International Union as required by the International Constitution (Article VI, Section 12).
13. See that the required governmental reports are filed on a timely basis.
14. Assist Trustees/Auditors in completing the required audits.
15. Conduct the fiscal affairs of the affiliate in a responsible manner.

Financial duties of the President

The financial duties of the President include:

1. Sign checks only after determining that proper documentation for expenditure is on hand and that expenditure is for appropriate and necessary union business.
2. Initiate appropriate actions to maintain financial stability of the affiliate.
3. Review financial reports to be submitted to the Executive Board and the membership.
4. Review financial reports required to be submitted to the International Union.
5. Determine that all required governmental reports are filed on a timely basis.
6. Perform other duties as required by the affiliate constitution.

Financial duties of the Executive Board

The financial duties of the Executive Board include:

1. Oversee and provide advice regarding financial transactions of the affiliate.
2. Approve only expenditures that are for appropriate and necessary union business for the exclusive benefit of union’s members.
3. See that prudent guidelines exist and are followed for any major purchase or commitment of union
4. funds, including multiple vendor bids.
5. Ensure that financial stability of the affiliate is maintained. Expenditures should not exceed income. A short-term deficit may be acceptable if there is a plan to eliminate the deficit in a timely manner.
6. Review and approve financial reports submitted by the officers of the affiliate.
7. Determine that all required governmental and International Union reports are filed on a timely basis.
8. Perform other duties as required by the affiliate constitution.

Financial duties of the Trustees

The financial duties of the Trustees include:

1. Determine that an audit of all funds of the affiliate is performed either by an independent auditor or by the Trustees themselves at least once each year, or more often if required by the affiliate’s constitution.
2. Report audit findings to the membership and the Executive Board.
3. Determine that all governmental and International Union reports are filed on a timely basis.