Who is the Money Man?

John Kaloger has been the Treasurer for COCA for the last 3 years. The role of COCA treasurer is important, and members might find it interesting to read of the various responsibilities that are inherent to the role.

To enable readers to get an overall perspective on COCA’s financial affairs, we have a membership of approximately 1,000 and an annual total turnover of about $500,000.

Daily Responsibilities
At COCA, the day-to-day financial management falls to administrative staff, who are responsible for the daily recording and accounting for income and expenditure. On a daily basis this involves, recording receipts and payments, banking incoming monies, drawing cheques, managing petty cash, managing investments and yield, GST liability recording, together with monitoring cash flow requirements. GST returns are prepared quarterly.

Monthly Responsibilities
On a monthly basis, the task of reconciling bank statements and preparation of income and expenditure statements for presentation to the Board of Directors is of paramount importance. For it is at Board meetings that the Treasurer reports upon the actual financial position, at a point in time, versus budgetary expectations for the same period. All cheque payments are listed in a report to the Board.

Yearly Responsibilities
Each year, the Treasurer prepares a preliminary budget in April for consideration of the Board of Directors and a final budget in June, pursuant to the next financial year.

The Treasurer is responsible for the preparation of annual financial accounts to the members. Once accounts are prepared, they are subject to external audit. When the external auditor is satisfied with the accounts he/she signs a statutory certificate attesting to the scope of the audit and most importantly provides his independent opinion, that the accounts are true and fair and comply with Accounting Standards and Corporations Regulations.

As COCA is a company, it is incumbent upon the treasurer to financially report to members annually. In addition, COCA has a statutory obligation to provide an Annual Report to the Australian Securities and Investment Commission. The Treasurer is available at the annual meeting to answer member questions from the floor concerning any aspect of COCA’s annual financial performance.

Finally, the role of COCA treasurer is honorary – insofar, as no payment is budgeted for the role!

Thanks John, for performing a much needed and important role for the continuing future of COCA.