Nonprofit organizations frequently refer to paid treasurers as Chief Financial Officers or CFOs. Some nonprofit organizations use the title of treasurer interchangeably with the CFO title. Nonprofit or charitable organizations may also have unpaid board treasurer positions. A paid nonprofit treasurer must possess a bachelor's degree, and many are also certified public accountants. The Bureau of Labor Statistics reported that the median annual pay of a nonprofit treasurer or CFO was $78,630 in May, 2010.
The Chronicle of Philanthropy reported that top financial executives for large nonprofit organizations with budgets over $50 million a year earned a median annual salary of $231,357 in October, 2010. Medium-sized nonprofits with budgets of $5 million to $9.9 million paid their top financial executives $88,106 on average. Small nonprofits with budgets of $500,000 to $1 million paid treasurers or chief financial officers $55,507 in October, 2010.
The Chronicle of Philanthropy tracks gender differences in pay for the same position at nonprofit organizations. Nonprofit treasurers or CFOs have significant gender differences in pay. In October, 2010, female CFOs at the largest nonprofits earned $199,246 on average, compared to $241,958 earned by male CFOs. Female CFOs at small charities with budgets between $500,000 and $1 million earned $47,999 on average, compared to $66,237 earned by males in the same position.
Type of Nonprofit
Chief financial professional pay varies depending upon the segment of the nonprofit industry. The Bureau of Labor Statistics reported that privately-owned nonprofit hospitals employed 7,570 CFOs in May, 2010, at an average annual salary of $100,960. Private schools employed 2,220 CFOs in May, 2010, earning an average annual salary of $91,520. In the social service sector, nonprofits employed approximately 4,200 CFOs, who earned an average of $77,300 in May, 2010.
Salary by Area
Salaries vary for nonprofit CFOs or treasurers depending on the area where they live and work. According to the Bureau of Labor Statistics, in May, 2010, nonprofit CFOs in Connecticut earned an average hourly wage of $47.78, and in Kentucky, they earned $35.76 an hour on average. Nonprofit CFOs in California earned $58.81 an hour on average as of May, 2010, and their median annual salary was $116,070.
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