Governance & LSCs

OFFICE OF THE TREASURER

The Treasurer is a member of the Board of Directors elected by the House of Delegates in an odd year for a two year term beginning July 1st of the year in which the election takes place.  As long as the member is in good standing, he or she may serve in this capacity indefinitely.  The duties and powers of the Treasurer are defined by the LSC By-Laws:

The duties and powers of the officers and other Board Members shall be to attend and participate in all meetings of the House of Delegates and the Board of Directors and as follows:

606.7.3 Treasurer: The Treasurer shall be the principal receiving and disbursing officer of the LSC.  Except as otherwise directed by the Finance Vice-chair or the Board of Directors, the Treasurer shall receive all moneys, incomes, fees and other receipts of the LSC and pay all bills, salaries, expenses and other disbursements approved by an authorized officer, committee chair, coordinator, the Finance Vice-chair, the Board of Directors or the House of Delegates, or required to be paid pursuant to Section 610.3.12. 

When authorized by the Board of Directors, income and expenses may be received and paid by a division, officer, committee or coordinator, provided that the division, officer, committee or coordinator promptly submits to the Treasurer an itemized report, duly attested by the division, officer, committee chair or coordinator and either within the approved budget of such division, officer, committee or coordinator, or authorized by the Board of Directors or the House of Delegates.  The Treasurer shall be a member of the Finance Committee but may not be its chair.  The Treasurer shall issue a monthly report listing the current budget variances by line item, all receipts, all expenditures and the current fund and account balances for the preceding month and for the fiscal year to date, together with such other items as the Finance Vice-chair, the General Chair or the Board of Directors may direct. 

The Treasurer shall:
A. have charge of and supervision over and be responsible for the funds, moneys, securities and other financial instruments of the LSC;
B. Cause the moneys, securities and other financial instruments of the LSC to be deposited in the name and to the credit of the LSC in such institutions as shall be designated in accordance with Section 606.11 or to be otherwise invested as the Finance Vice-chair, the Finance Committee or the Board of Directors may direct;
C. Cause to be appropriately segregated and accounted for any endowment funds, scholarship or award funds and any similar special purpose funds or accounts;
D. cause the funds of the LSC to be disbursed by checks or drafts, automated debits or wire transfers upon the authorized depositories of the LSC, and obtain and preserve proper vouchers for all moneys disbursed;
E. cause to be kept at the LSC's permanent office correct books of account and other financial records of all its affairs and transactions and such duplicate books of account as the Board of Directors, the Finance Vice-chair, the Finance Committee or the Treasurer shall determine;
F. upon request and at reasonable hours cause such books or duplicates thereof to be exhibited to any member of the Board of Directors and upon application and at reasonable hours cause the monthly financial reports and the annual audited financial statement to be exhibited to any member of the LSC or USA Swimming;
G. Cause the LSC to be in compliance with the requirements of Section 608.4;
H. Have the power to require from the officers, committee chairmen, coordinators, staff or agents of the LSC reports or statements giving such information as the Treasurer may determine to be appropriate or helpful with respect to any and all financial transactions of the LSC;
I. make the books and records available and otherwise fully cooperate with those conducting the annual audit of accounts of the LSC and cause the preparation and timely filing of all required federal, state and local tax returns, and other financial and tax reports with the applicable government official, and forward a copy of the annual financial statement and audit report and any federal tax return to the Secretary for submission to the Board of Directors and USA Swimming national headquarters in accordance with Sections 608.2 and 608.3;
J. have the power to appoint one or more assistant treasurers and delegate to them one or more of the Treasury functions, or parts thereof; and
K. in general, perform all the other duties incident to the corporate treasury function.

The seven divisions of the LSC shall each be chaired by a Vice-chair, the Senior Athletes Representative, or the Senior Coaches Representative, whose respective powers, duties, juris¬dic¬tion and responsibilities are described in Section 606.7. Under each division Vice-chair there are officers, committees, coordinators and direct responsibilities as follows:
 607.1.5 Finance Division - Finance Vice-chair
  Audit
  Budget
  Finance
  Marketing/Sponsorship
  Swim a thon
  Tax
  Treasurer

In addition to the above, the By-Laws and the LSC Policy & Procedures Manual grant the Treasurer the authority / obligation to:
A. The Treasurer, along with the Membership/Registration Coordinator, the Secretary, the Finance Vice-chair and the General Chair, shall be collectively responsible for seeing that all required reports and remittances are made to USA Swimming national headquarters.
B. Sign checks, drafts or other orders for the payment or transfer of money.
C. Not to serve as member of the Audit Committee.
D. Serve as a member of the Budget Committee and the Finance Committee.
E. Either the Finance Vice-Chair or the Treasurer will serve on the Travel Fund Committee
F. Prepare the corporation’s annual tax returns.


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