Last updated on July 29th, 2024

There are a lot of responsibilities that must be addressed as part of a union officer election. An important activity to keep on your radar is helping newly elected officers transition into their positions; this is especially important when there’s a newly elected treasurer.

Given a treasurer’s responsibility for a local’s financial well-being and compliance, preparing a transition plan in advance of an election puts you in the position to help a new treasurer acclimate quickly while maintaining member trust and loyalty.

To prepare for a potential transition in treasurers, explore resources your parent union may have available, including the union’s constitution (which typically defines duties), leadership handbooks, financial standards, and training focused on a treasurer’s responsibilities and financial guidance for union leaders.

Create a “toolkit” that you can share with a newly elected treasurer, so they quickly get up to speed on responsibilities, have an opportunity to ask questions, prepare to lead, and ensure compliance. In addition, consider whether the following actions can support the transition:

1. Plan ahead. The incumbent treasurer should update documentation regarding key processes, responsibilities, and relevant financial information, and prepare to hand off/transfer key items like bank accounts, checkbooks, and credit cards.
2. Knowledge transfer. A knowledge transfer process will allow time for the outgoing and incoming treasurers to discuss the union’s financial structure, internal controls, key responsibilities, and more. This is not just about handing over documents or providing a calendar of important deadlines and deliverables, but also sharing insights and experiences.
3. Training and support. The incoming treasurer may need training, in the form of courses, workshops, or mentorship from the outgoing treasurer or other experienced union leaders. Providing ongoing support to the new treasurer even after the transition period is essential to ensure they are positioned to succeed in their new role.
4. Communication. Open and transparent communication is key. Union members should be informed about the change in leadership and the transition plan. This communication fosters trust and ensures members that the union’s financial matters will remain in responsible hands.
5. Engage with auditors and advisors. The treasurer is typically the primary contact for the union’s auditors, accountants, bankers, and financial advisors. Early engagement with these individuals can help keep the union’s financial matters moving even during a transition.
6. Compliance with regulations. The treasurer is responsible for ensuring the union complies with all relevant financial regulations and reporting requirements. The transition plan should include a review of regulatory requirements and direction on where the new treasurer can turn for advice and direction.
7. Encourage teamwork. Lastly, a new treasurer should be encouraged to work closely with any staff that they oversee (like a bookkeeper), other union leaders, and any special committees they are assigned to. A strong team can provide support, share the workload, and contribute to effective decision-making.

A leadership transition is a significant event in the life of a union. Although the role of a treasurer comes with hefty responsibilities, with proper planning, effective knowledge transfer, and continuous support, a new treasurer can be put in the best position to help the union and its members succeed.

Whether your union is dealing with business as usual or handling a leadership transition, please know you can always count on RBT CPAs for accounting, audit, tax, and advisory services. Give us a call to see how we can be Remarkably Better Together.

RBT CPAs never offshores work outside of the U.S., so you always know who is handling your financial information.