The Role of a School Treasurer/CFO

• The fiscal accountability demands of the 21st century are imposing. The financial stability of a school district is crucial in the education of Ohio’s students. An effective treasurer/CFO is an essential team member in striving for excellence in education.

Roles and Responsibilities of the School Treasurer/CFO

The role of an effective treasurer/CFO encompasses a multitude of responsibilities, each essential to the fiscal health of the district.

Treasurer/CFO’s are:
• Fiscal leaders and advisers who provide sound financial guidance that assists the district leadership team in the decision-making process;
• Financial managers who clearly understand the economic resources and collaborate with district leadership in their management;
• Managers of capital and financial assets who, through their fiscal leadership, are charged with the guardianship of these assets;
• Communicators and collaborators who disseminate and articulate the financial status of the district; and
• Professionals who adhere to established ethical standards.

School treasurer are entrusted with protecting the fiscal health of the district. To perform these roles and responsibilities, they must execute their duties with the utmost conscientiousness, collaboration and ethical behavior; additionally, they must possess an extensive set of skills and knowledge. Treasurers exhibit the dispositions of effective leadership through collaboration. Treasurers lead by demonstrating and nurturing high levels of trust based on their competence, integrity, ethics and high expectations.

(Source: Ohio’s Standards for School Treasurers and School Business Manager,
Ohio Department of Education, October 2010)

The Treasurer/CFO’s office is responsible for all accounting, payroll and financial reporting for the district including: payroll, benefits, accounts payable, accounts receivable, and EMIS (student/staff information) data coordination. The Treasurer/CFO of an Ohio school district must hold appropriate certification to serve as the Chief Financial Officer and reports directly to the Board of Education. The Treasurer/CFO and Superintendent/CEO are the only two district employees who report directly to the Board of Education. Many of the duties and responsibilities of the Treasurer/CFO are outlined in various sections of the Ohio Revised Code.

The Treasurer/CFO is responsible for the preparation of the annual budget and the publication of an annual report. By law, the Board of Education must adopt a budget by September 30 of each year and have this certified by the County Auditor.

Each year, the district must issue an audited annual financial report. These statements include financial statements, budget statements, and statistical information about the District and the services and programs it provides. Copies of the District's audited financial statements are also available to the public via the Ohio Auditor of State’s website.

The Treasurer/CFO also serves as the Secretary to the Board of Education. In this role, all contracts, documents, and the official minutes of all Board meetings are kept as official records. Board minutes are public records and are available for review on the district’s website.