It’s Never Too Early to Start the Process of Finding the Right Treasurer
All officer positions on the Board are important. Finding the right experience, diversity, and balance matched to your organization’s evolving needs are key drivers of performance and sustainability. However, the position of Treasurer is special and requires a unique skillset. Thus, starting the process of finding the right Treasurer early and thoughtfully will benefit your organization substantially.
In general, most nonprofit organizations start the search and consideration process for new officers and Board members too late in their normal Board rotation cycles. This is especially true of for small and mid-size nonprofits. Most larger nonprofits have developed robust practices for replacing directors and officers who are planning to rotate off or whose terms are expiring. These best practices include having an active nominating committee, making the recruitment of new directors and officers a high priority of the current Board, and having well-developed mentoring and on-boarding practices that ensure new Board members get off to the best possible start.
Even with these best practices in place, finding a qualified and high-performing new Treasurer is difficult because of the unique responsibilities inherent in this role. There are two particular strategies to consider that will improve your chances of finding a qualified Treasurer who will meet your organization’s needs while enhancing seamless continuity for financial stewardship and protecting financial assets.
Search for New Treasurer Prospects
It always amazes me that most nonprofits do not ask and engage their current Treasurer and finance committee members with identifying a potential pool of replacements for their positions. There is no better set of knowledgeable advocates to promote, search for, and explain how powerful and rewarding these positions are for both the individual and the organization they will serve. This effort should be ongoing and embedded in the annual goals and duties of the Treasurer and finance committee. This effort is not to supplant the nominating committee, but rather to make the nominating committee more effective by adding to a potential pool of applicants for the Treasurer position for the nominating committee to consider.
Add an Assistant Treasurer Position
Consider adding a non-officer assistant Treasurer or similarly titled position within the finance committee. This strategy has several positive benefits. The Treasurer can delegate some functions to the assistant Treasurer, alleviating some of the burdens on the Treasurer. Also, the assistant Treasurer position allows for expanded leadership and meeting opportunities. This is especially useful during a time of crisis when the finance committee needs to take on additional responsibilities and meet more often, because the assistant Treasurer will be there to provide support and even lead some of the additional meetings. Finally, the assistant Treasurer can serve an apprentice role, learning how to be an effective Treasurer and becoming familiar with the organization’s unique issues and needs. The assistant Treasurer will gain valuable experience that will make the person uniquely qualified to be considered as a possible future Treasurer when the position becomes available.
Planning Tip – Start early. Make searching for a new Treasurer and future finance committee members a priority and add this to the finance committee’s list of key responsibilities. Do not make the mistake of asking for volunteers and randomly assigning officer positions at the first Board meeting.
Getting the right Treasurer will enhance sustainability and financial health. The benefits to your organization will be visible for many years.
