CDS › Community › Code of Laws › NL 5-5: Treasurer Act
- Responsibilities of the Treasurer
- Duties of the Treasurer
- Internal Controls
- Accounting System
- Policy Regarding the Treasurer
Responsibilities of the Treasurer
The Treasurer shall oversee and be responsible for the receipt and disbursement of all money received by CDS and for the investment of money received by CDS.
It shall also be the responsibility of the Treasurer to assure that the fiscal integrity of CDS is protected and that all funds are accounted for, whether revenues from taxes, rental charges, user charges, fees, grants, gifts, or any other source and that expenditures comply with applicable Linden Labs TOS’s, CDS TOS’s, CDS Constitution and Laws, CDS Policies, Administrative Policies and Procedures, court orders and any other mandates affecting expenditures of funds and the management of CDS.
Duties of the Treasurer
- To keep accurate public records regarding the CDS regions, parcels, ownership configuration, and the obligations of each citizen regarding their monthly fee.
- To maintain a financial system in a manner consistent with RL standard accounting practices, using standard double-entry bookkeeping principles.
- To maintain an open reporting and record systems which provides the Citizens of CDS information regarding the financial status of CDS and land ownership data.
- To cooperate with the bodies of government as established by the citizens of CDS in carrying out the duties and responsibilities of the office and to work with any special Committees established by such bodies to develop and implement suitable oversight systems.
- To perform other duties as assigned.
In addition, the Treasurer is responsible for establishing controls that will prevent any expenditure of funds that does not meet the requirement of this policy. Violations or attempted violations of this policy are to be reported to the Chancellor, RA and SC (or their successors) immediately upon detection.
The Treasurer shall be responsible for establishing and maintaining internal control procedures that include but are not limited to:
- Proper authorization of transactions and activities.
- Adequate documents and records.
- Adequate safeguards over access and use of assets and records.
In order that CDS present fairly and with full disclosure its financial position and results of operations, the Treasurer is responsible for establishing and maintaining an effective accounting system that will result in the identification and recording of all valid transactions. The accounting system shall include:
- Description on a timely basis of the type of transaction in sufficient detail to permit proper classification of the transaction for financial reporting.
- Measurement of the transaction’s value in a manner that permits recording of its monetary value in the financial statements.
- Date in which the transaction occurred to permit recording of the transaction in the proper accounting period.
- Proper presentation of the transaction and related disclosures in the financial statements.
Policy Regarding the Treasurer
The RL person, in the form of their principal avatar, must be a citizen of CDS as defined by CDSL 16-03 Citizenship Establishment Act.
The position of Treasurer shall be understood as a “civil service” type position. The citizen holding this role will be prohibited from holding any elected or appointed office in CDS government, unless a waiver might be granted, on a case by case basis, by the SC. The Treasurer shall be appointed by the Chancellor, with the advice and consent of the RA, and shall hold their position until they may resign or be removed for cause.
Passed 14 September 2006
Updated by the 32nd RA, April 13, 2020