Last updated 2026-07-25
TL;DR
A company treasurer manages money in and out: budgets, bank accounts, records, and reports to the board or members. In nonprofits and clubs, the treasurer also usually handles the IRS Form 990 series filing. Duties scale with organization size, but the core job is the same everywhere: track cash, protect it, and report on it honestly.
what does a treasurer do?
A treasurer is the person responsible for an organization's money: watching what comes in, what goes out, and making sure both get recorded somewhere a stranger could audit later. That's the one-sentence version. The longer version depends a lot on what kind of "company" you mean. In a for-profit corporation, the treasurer is often a corporate officer role, sometimes folded into the CFO title, sometimes a separate person who reports to the CFO. Corporate treasurers manage cash flow, banking relationships, debt, investments, and financial risk (interest rate exposure, currency exposure, that kind of thing). It's a technical finance job. In a nonprofit, PTO, booster club, or youth sports league, the treasurer job is much more hands-on and much less about capital markets. You're paying vendors, depositing checks from fundraisers, reconciling the bank statement every month, and handing the board a report at every meeting. Nobody is hedging currency risk for the spring carnival fund. What both versions share: the treasurer is the custodian of financial truth for the organization. If a board member, auditor, or the IRS asks "where did the money go," the treasurer is the person who has to be able to answer, with documentation, more than a memory of it.
what is a treasurer, exactly?
A treasurer is an officer of an organization (a corporation, nonprofit, club, or association) who is legally or organizationally responsible for its finances. Most bylaws name the treasurer as one of a handful of required officers alongside a president and secretary. The title itself is old and comes from the same root as "treasury," the place where money is kept. Functionally, a treasurer today is part bookkeeper, part reporter, and part internal control system. You keep the books, you tell the board what the numbers mean, and you make sure no single person (including yourself) can move money without some kind of check. For small volunteer organizations, the treasurer is frequently the only person who understands the full financial picture. That's a real risk, not a compliment. If you get hit by a bus, or just quit without notice, the org can lose track of bank access, tax filings, and vendor relationships overnight. Good treasurers build for their own replacement from day one: written procedures, a shared drive, a list of every account and login stored somewhere the next person can find it. See handoff and audits practices for more on this.
what do treasurers do day to day?
Day to day, most volunteer treasurers spend time on a short, repeating list of tasks rather than anything glamorous. - Deposit checks and cash from dues, fundraisers, and donations, ideally with a second person counting cash before it hits the bank
- Pay bills and reimburse volunteers, keeping receipts for every transaction
- Reconcile the bank statement against the books every month, more than at year-end
- Prepare a simple financial report (income, expenses, cash balance) for every board or membership meeting
- Track the budget against actual spending so the group knows if it's on pace
- File required state and federal paperwork on time, including the IRS Form 990 series if the org is tax-exempt The monthly reconciliation step is the one people skip most, and it's the one that catches problems early. A bank statement that hasn't been reconciled in four months is exactly the kind of gap where an error, or worse, goes unnoticed. The IRS itself notes that tax-exempt organizations need to keep books and records that show gross receipts, expenses, and other data affecting their tax-exempt status [1], which is really just formal language for "keep good records, all the time, more than at tax time."
what does a club treasurer do?
A club treasurer does the same core job as a company treasurer, scaled down and usually done by a volunteer with no accounting background. That's most booster clubs, PTOs, youth sports leagues, and hobby clubs. Specifically, a club treasurer usually: - Opens and manages the club's bank account (never a personal account, even temporarily)
- Collects dues, fundraiser proceeds, concession revenue, and sponsorship payments
- Pays coaches' stipends, uniform vendors, tournament fees, and facility rentals
- Keeps receipts and a ledger for every dollar in and out
- Reports cash position to the board, often monthly
- Files the annual state charity registration renewal if the club raises money from the public, and the federal Form 990-series return if it's a recognized tax-exempt organization Most small clubs qualify to file the simplest version, Form 990-N, the e-Postcard, if gross receipts are normally $50,000 or less [2]. That's a big chunk of youth sports and PTO groups. But "normally $50,000 or less" is a specific IRS test based on a rolling average of the last three years, more than last year's number, so check the actual figures before assuming you qualify. A club treasurer who's just taking over mid-year should start by getting bank statements for the last 12 months, the most recent filed 990 (if any), and a list of who has signing authority on the account. That's the fastest way to find out how much of a mess (or how little) you've inherited.
what is Form 990?
| 990-N (e-Postcard) | Smallest orgs | Gross receipts normally ≤ $50,000 [2] | |
|---|---|---|---|
| 990-EZ | Mid-size orgs | Gross receipts < $200,000 AND total assets < $500,000 [3] | |
| 990 (full form) | Larger orgs | Gross receipts ≥ $200,000 OR total assets ≥ $500,000 [3] | |
| 990-PF | Private foundations | All private foundations, regardless of size | The IRS describes the full Form 990 as the return used by "organizations exempt from income tax under section 501(a)" to report on their finances and activities to the public [4]. That last part, "to the public," is the piece a lot of new treasurers miss: your org's 990 isn't just an IRS filing, it's a document anyone can pull up and read, including donors, sponsors, and reporters. Sites like ProPublica's Nonprofit Explorer and GuideStar/Candid publish them. See more detail on form 990 and the 990 tax form generally, or jump straight to irs form 990 instructions. |
Form 990 is the annual information return the IRS requires from most tax-exempt organizations, reporting revenue, expenses, program activities, and governance. It's not a tax bill in the way an individual 1040 is; most filers owe nothing. It's a disclosure form, and the IRS explicitly makes most of it public. There are several versions based on size: | Form | Who files it | Threshold (roughly) |
what is a 990 tax form used for?
The 990 tax form is used to show the IRS, and the public, that a tax-exempt organization is still operating within the rules that got it exempt in the first place. It reports income sources, how the money got spent, executive compensation (for larger orgs), and whether the org is following its stated charitable purpose. For a small booster club or PTO, the practical use is narrower but just as important: filing it, in whatever version applies, is what keeps your tax-exempt status alive. Skip it for three years running and the IRS automatically revokes the exemption, no warning letter with a second chance, just a name added to the revocation list. The IRS states plainly that organizations that fail to file for three consecutive years "will automatically lose their tax-exempt status" [5]. That's the single biggest filing risk for volunteer-run organizations, and it happens constantly because treasurer turnover means nobody remembers the filing deadline. If your org shows up on the IRS Tax Exempt Organization Search as revoked, you can apply for reinstatement, sometimes retroactively if you qualify for streamlined relief and file within 15 months of the revocation date [6], but it costs a filing fee and takes real paperwork. Better to just never miss the filing.
what is the 990, in plain language?
The 990 is the annual "here's what we did with the money" report that most tax-exempt nonprofits file with the IRS. Think of it as a nonprofit's version of a public annual report, mixed with a tax return, minus the actual tax bill in most cases. A few things people usually want confirmed: - It's due by the 15th day of the 5th month after your fiscal year ends. For a calendar-year org (year ending December 31), that's May 15 .
- Extensions are available. Form 8868 gives an automatic 6-month extension if filed by the original due date .
- Even the smallest version, the 990-N, has to be filed electronically. There's no paper version of the e-Postcard [2].
- Filing late doesn't usually carry a penalty for 990-N filers specifically, but missing it three years straight triggers automatic revocation regardless of size [5]. One more plain-language point: filing a 990 doesn't automatically mean your org is tax-exempt. You have to first apply for and receive recognition of exemption (usually via Form 1023 or 1023-EZ for 501(c)(3) status), and the 990 series is the ongoing annual maintenance filing after that. New treasurers sometimes conflate the two and assume filing a 990-N is what makes them tax-exempt. It's not; it's what keeps an existing exemption in force.
how is a company treasurer different from a nonprofit or club treasurer?
| Primary focus | Cash flow, capital, banking relationships, risk | Recording transactions, reporting to board, staying compliant | |
|---|---|---|---|
| Typical background | Finance/accounting professional | Volunteer, often a parent or member with no accounting background | |
| Key filing | Corporate tax return (Form 1120 etc.) | Form 990 series | |
| Public disclosure | Financials generally private (unless publicly traded) | Form 990 is public record | |
| Biggest risk | Liquidity or investment losses | Losing tax-exempt status through non-filing | The public disclosure line is the one that surprises new club treasurers most. A private company's financials stay private. A nonprofit's 990 does not; the IRS makes them available and third-party sites republish them for free. If you're a booster club treasurer, assume every parent, sponsor, and rival team could eventually read your filed 990. |
A for-profit company treasurer and a nonprofit or club treasurer share the title but not much of the daily work. The for-profit version is closer to a finance executive; the nonprofit version is closer to a bookkeeper with reporting duties. | | For-profit company treasurer | Nonprofit / club treasurer |
what does a treasurer of a club do that's different from other officers?
The treasurer is the only club officer with legal and practical control over money movement, which is exactly why the role needs checks that other officer roles don't. The president runs meetings and sets direction. The secretary keeps minutes and handles correspondence. The treasurer touches actual cash, signs checks, and has bank account access. That concentration of control is normal and necessary, but it's also the single biggest fraud risk in small nonprofits. Good practice, and what most state charity regulators and nonprofit governance guides recommend, is to never let one person be the only one with eyes on the money. Concretely that means: require two signatures on checks over some threshold, have someone other than the treasurer open the bank statement each month (or at least review the reconciliation), and rotate who counts cash at events. None of this is about distrust of any specific treasurer. It's about protecting the treasurer too, since an unclear paper trail makes an honest treasurer look exactly like a dishonest one if questions ever come up. For a deeper structural breakdown of who should approve what, see financial controls guidance built for small volunteer boards.
what's the fastest way for a new treasurer to get up to speed?
The fastest way is a short, structured first-week checklist rather than trying to learn everything at once. 1. Get read access (not full control yet) to the bank account and confirm the balance matches the last handoff report. 2. Pull the last 12 months of bank statements and the most recent filed 990, if any, from the prior treasurer or from IRS Tax Exempt Organization Search. 3. Confirm the org's EIN, fiscal year end, and which 990 version it's supposed to file. 4. Check your state's charity registration status; many states require an annual renewal separate from the IRS filing, through the state Attorney General's office or Secretary of State . 5. Set a recurring calendar reminder for the 990 due date (15th day of the 5th month after fiscal year end) and for any state renewal deadline. 6. Write down every account, login, and vendor relationship somewhere the next treasurer can find it, even if that next treasurer is a future version of you after a busy season fogs your memory. A lot of that legwork is exactly what a prebuilt reference kit is supposed to shortcut. This is genuinely relevant here, not a stretch: the $99 one-time State-Personalized Treasurer Kit is built around this exact first-week problem, giving new club and PTO treasurers state-specific checklists, filing calendars, and templates instead of piecing it together from scattered IRS pages and old email threads.
what happens if a treasurer misses a 990 filing?
Missing one year's 990 filing is usually recoverable with no real penalty for the smallest orgs, but three years missed in a row triggers automatic revocation of tax-exempt status by law. There's no discretion involved; the IRS is required to revoke automatically once the three-year threshold is hit [5]. Once revoked, the organization is treated as a taxable entity going forward and donations may no longer be tax-deductible to donors, which is a real problem for a booster club that depends on sponsor and parent donations. Reinstatement is possible. Depending on how long ago revocation happened and the org's filing history, you may qualify for retroactive reinstatement under the IRS's streamlined procedure if you apply within 15 months of the revocation posting date, otherwise you go through a more involved process [6]. Either way it costs a filing fee (currently in the hundreds of dollars depending on which Form 1023 or 1023-EZ path applies, so confirm current fees with the IRS) and takes weeks to months to process. It's a completely avoidable mess. A recurring calendar reminder and a treasurer who actually knows the org's fiscal year end solves this for free.
Frequently asked questions
What does a treasurer do?
A treasurer manages an organization's money: collecting and depositing income, paying approved expenses, keeping accurate records, reconciling bank statements, and reporting the financial position to the board or members regularly. In tax-exempt organizations, the treasurer also typically handles the annual IRS Form 990 series filing and any required state charity registration renewal.
What is a treasurer?
A treasurer is an officer of a company, nonprofit, club, or association who is responsible for managing and reporting on its finances. Most bylaws require a treasurer alongside a president and secretary. The role ranges from a technical corporate finance executive at large companies to a volunteer bookkeeper at a PTO or booster club.
What do treasurers do on a monthly basis?
Most active treasurers reconcile the bank statement, record all transactions in a ledger, pay outstanding bills, deposit any incoming funds, and prepare a short financial report for the next board meeting. Monthly reconciliation, rather than waiting until year-end, is the single habit that catches errors and discrepancies early.
What does a treasurer do in a club?
A club treasurer manages the bank account, collects dues and fundraiser proceeds, pays vendors and coaches, keeps receipts, reports finances to the board, and files any required IRS Form 990 series return plus state charity registration renewals. It's usually a volunteer role with real legal filing responsibilities attached.
What does a club treasurer do differently from other club officers?
The treasurer is the only officer with direct control over money movement and bank account access, which is why good clubs require a second signer on checks and someone other than the treasurer reviewing bank statements. Other officers (president, secretary) handle meetings and records, not cash.
What is Form 990?
Form 990 is the annual information return most tax-exempt organizations file with the IRS, reporting revenue, expenses, and activities. It comes in several versions (990-N, 990-EZ, 990, 990-PF) based on the organization's gross receipts and assets, and most of it becomes a public record.
What is a 990 tax form used for?
The 990 tax form shows the IRS and the public how a tax-exempt organization raised and spent money, and confirms it's still operating within the rules of its exemption. Filing it, in whatever version applies to your org's size, is required annually to keep tax-exempt status active.
What is the 990, exactly?
The 990 is the IRS's annual disclosure return for tax-exempt organizations, functioning like a combined public annual report and tax filing, though most filers owe no tax. Nearly all organizations recognized as tax-exempt under IRC section 501(a) must file some version of it every year.
Do small clubs and PTOs have to file a 990?
Yes, if they're recognized as tax-exempt. Most small clubs with gross receipts normally $50,000 or less can file the simplest version, Form 990-N (the e-Postcard), which must be filed electronically since no paper version exists. Confirm your org's actual threshold and status with the IRS before assuming which version applies.
What happens if a nonprofit or club doesn't file a 990 for several years?
After three consecutive years of not filing, the IRS automatically revokes the organization's tax-exempt status, with no warning letter offering a grace period. Reinstatement is possible but requires a new application, a filing fee, and processing time, so it's far easier to just file on time every year.
How is a corporate treasurer different from a nonprofit treasurer?
A corporate treasurer typically manages cash flow, banking relationships, debt, and financial risk as a finance executive, often reporting to a CFO. A nonprofit or club treasurer does hands-on bookkeeping, reconciliation, and compliance filings, usually as an unpaid volunteer with no formal finance background.
What records should a new treasurer ask for when taking over?
Ask for the last 12 months of bank statements, the most recently filed Form 990 or 990-N confirmation, the organization's EIN, current bank signers, the state charity registration status, and any written financial procedures. Getting these in the first week prevents surprises later.
Is filing a 990 the same as paying taxes?
No. Most tax-exempt organizations that file a 990 owe no income tax; the form is a disclosure of finances and activities, not a tax bill. Unrelated business income, if any, is reported and taxed separately on a different form, Form 990-T.
Sources
- IRS, Annual Electronic Filing Requirement for Small Exempt Organizations - Form 990-N (e-Postcard): organizations with gross receipts normally $50,000 or less may file Form 990-N, which must be filed electronically
- IRS, Instructions for Form 990-EZ: Form 990-EZ eligibility thresholds based on gross receipts under $200,000 and total assets under $500,000
- IRS, About Form 990, Return of Organization Exempt From Income Tax: Form 990 is used by tax-exempt organizations under section 501(a) to report finances and activities to the public
- IRS, Automatic Revocation of Exemption: organizations that fail to file required returns for three consecutive years automatically lose their tax-exempt status
- IRS, Form 990 Series Filing Due Dates: Form 990 is generally due the 15th day of the 5th month after the organization's fiscal year ends
- IRS, About Form 8868, Application for Extension of Time To File an Exempt Organization Return: Form 8868 provides an automatic 6-month extension to file exempt organization returns