A Treasurer’s duty in a student association is both demanding and rewarding. It’s a position that requires diligence, attention to detail, and strategic planning to manage funds effectively. For the University of Ibadan Medical Students Association (UIMSA), the Treasurer plays a crucial role in keeping the association financially stable while ensuring transparency and growth.
Miss Dolapo Salami was the second candidate to fill in for the position of Treasurer which was left vacant during the last UIMSA elections following a bye-election conducted by the UIMSA Senate. She was sworn into office on the 11th of May, 2024. As the tenure draws to a close, UIMSA Press correspondent, Sunday Precious Nnamdi, had a chat with her to gain insight into her experience. From her strategies for boosting dues payments to managing major transactions, she shed light on the intricacies of her role. Her reflections not only highlight the successes of this tenure but also provide guidance for future treasurers. Here’s what she had to share.
Interviewer: When you took on the role of Treasurer, what responsibilities were you most focused on, and how did you tackle them?
Treasurer: When I took on the role of Treasurer, one of my most pertinent roles was improving dues payments. I had a target for dues payments, but early on in the tenure, people were having issues paying their dues. So, one of the first things I did was to clean that process up, change the payment gateway, and make it easier for people to pay. It was a tedious process but also one that was well worth it.
Interviewer: What would you say was the most significant financial transaction or budget decision you handled this year?
Treasurer: The most significant transaction from this year was the generator purchase. It was really inspiring to see how much we could get done by relying on our alumni community. The money came in within a couple of weeks following our proposal submission.
Interviewer: What were some of the challenges you faced with keeping accurate financial records, and how did you navigate them?
Treasurer: I didn’t face any significant challenges keeping financial records, largely thanks to the work my predecessors put in. Most things could be cleared up by simply requesting a bank statement, and I would have access to an updated statement in a matter of minutes.
Interviewer: How did you and the Financial Secretary work together to keep UIMSA’s finances on track?
Treasurer: We worked together on the financial report and brainstormed ideas for improving dues payments.
Interviewer: Were there any moments where you found discrepancies or budget issues? How did you go about solving those?
Treasurer: That didn’t happen much because most expenses are clearly outlined in the budget. Also, all expenses are pre-approved by the President, so clarification was always necessary before any transaction. It slowed down some expenses, but I’d say it was necessary.
Interviewer: Managing funds collection and disbursement can be tricky—what steps did you take to keep that process smooth and secure?
Treasurer: Like I said earlier, every disbursement is clearly outlined well before the money is spent. I also took my time to carefully label expenses in bank narrations so everything is straightforward and easy to understand at a later time.
Interviewer: What tools or systems helped you most in tracking and reporting financial data?
Treasurer: Bank statements and our payment gateway website. The analytics were helpful.
Interviewer: How did you manage to keep UIMSA’s cash flow steady and ensure there was always enough funding for various needs?
Treasurer: Funding for this tenure was a team effort by the Executive Council. Thankfully, that has worked well for us so far.
Interviewer: In your view, how has your role as Treasurer contributed to UIMSA’s growth or financial well-being this year?
Treasurer: Over half of UIMSAites paid their dues this tenure, up from 36% in the previous tenure. The association also made significant revenue from the merch project. I’d say my role in encouraging dues payment as well as working on the merch project helped contribute to our financial bottom line as an association.
Interviewer: If you had to share a piece of advice with the next Treasurer, what would it be to help them continue or improve the work you’ve done?
Treasurer: I’d say to stay on top of things and to establish a system for how you want to do things early on. If you’re unsure about something, always, always clarify.
The Treasurer’s tenure has been marked by collaboration, and a strong focus on systems that make financial management seamless. From simplifying dues payments to coordinating major transactions like the generator purchase, she has played a key role in the functionality of the association this session.
Sunday Precious Nnamdi
