TERM OF OFFICE
The Treasurer is elected by the MARAC membership in even numbered years and takes office at the conclusion of the Spring Meeting following the election.
DUTIES AS SPECIFIED BY THE MARAC CONSTITUTION AND BYLAWS
Serves as the chair of the Finance Committee. (MARAC Bylaws § 1 B)
Prepares an annual budget and issues quarterly financial reports. (MARAC Bylaws § 1 E)
Schedules meetings of the Finance Committee, sets agendas, and maintains records of the committee.
Handles all monetary transactions including paying bills, depositing income, and maintaining investment accounts. Manages bank accounts holding MARAC funds and serves a primary signing authority for those accounts.
Creates and maintains appropriate accounting records.
Reviews quarterly financial reports with Finance Committee.
Prepares the annual budget, secures approval of the draft budget from the Finance Committee, and submits it to the Steering Committee for final approval.
Provides financial information to MARAC’s accountant for the IRS 990 return annually, as well for a formal audit every three years.
Provides financial information in order that the Finance Committee may perform an annual audit of the MARAC accounts.
Prepares quarterly sales tax return for the Commonwealth of Virginia and the State of Maryland. Official filings of all legal documentation pertaining to the conduct of business by MARAC shall be fulfilled by the Treasurer, including federal taxes, sales tax exemptions, and corporation filings with Delaware annually and Washington, D.C. semi-annually. Files for a tax ID number in other MARAC member states as required.
Performs other duties as assigned by the MARAC Chair.
Keeps all official records of the Treasurer and Finance Committee and transfers those of vital and enduring value to the MARAC archives on a regular basis.
Examples of the following documents are available in Appendix:
- Guidelines for Reimbursement
- Sample letters seeking reimbursement
- Quarterly finance report.
- Semi-annual meeting budget
- Annual audit procedures and form