Indiana State Treasurer

The Indiana Treasurer of State is a constitutional and elected office in the executive branch of the government of Indiana. The treasurer is responsible for managing the finances of the U.S. state of Indiana. The position was filled by appointment from 1816 until the adoption of the new Constitution of Indiana in 1851, which made the position filled by election. As of 2023, there have been fifty-five treasurers. The incumbent is Republican Dan Elliott who has served in the position since January 9, 2023.

Treasurer of Indiana
Seal of Indiana
Incumbent
Dan Elliott
since January 9, 2023
Term length4 years
Inaugural holderDaniel Crosby Lane
November 7, 1816
FormationIndiana Constitution
1816
Salary$94,501.42
Websitehttp://www.in.gov/tos/

Term limits and qualification

The Indiana State Treasurer is a constitutional office first established in the 1816 Constitution of Indiana, and was made largely to mirror the position of the treasurer during Indiana's territorial period. Between 1816 and until 1851, the treasurer was nominated by the governor and confirmed by the state senate. With adoption of the current constitution in 1851 the treasurer's office was filled by a public statewide election every four years.[1]

Treasurers take office on February 10 following their election and hold office for four years. Should they resign, be impeached, or die in office the governor has the power to appoint a temporary treasurer to serve until the next general election. The new treasurer, either appointed to elected may only complete the term of the previous treasurer, not serve a new four-year term. A treasurer may be elected to consecutive terms, but may serve no more than eight years in any twelve-year period.[1] As of 2007, the salary for the treasurer is $66,000 annually.[2]

Powers
John J. Cooper, Treasurer from 1883 to 1887

The treasurer's powers are both constitutional and statutory. The treasurer's constitutional powers make him the chief financial officer of the state government and give him control over all of the state's financial assets. Because the state operates with a large reserve fund, this give the treasurer control over a large amount of money. In 2007, the total state portfolio was valued at over $5 billion.[1] The treasurer is permitted to invest the funds several different ways, including investments in United States Treasury securities, certificates of deposit, repurchase agreements, and money market mutual funds.[1]

The Indiana General Assembly has assigned the treasurer additional statutory power and made him a member of the state Board of Finance, Indiana Finance Authority, Indiana Transportation Finance Authority, State Office Building Commission, Recreational Development Commission, Indiana Grain Indemnity Fund Board, Indiana Underground Storage Tank Financial Assurance Board, and the Indiana Heritage Trust Committee. Additionally, the treasurer is the vice-chairman of the Indiana Housing Finance Authority and the Indiana State Police Pension Fund. As a member of these boards, the treasurer has a wide range of influence on the state's financial management.[1]

The treasurer is also the head of several of the most important state financial organizations. The treasurer is chairman of the Indiana Bond Bank, a state controlled bank that provides financing to municipal government to allow for large infrastructure investments. The bank then sells the debts as secured bonds on the national market. This allows local governments to secure credit a low rate of interest. The treasurer is also the chairman of the Indiana Education Savings Authority which manages savings accounts for college educations. The treasurer chairs the Public Deposit Insurance Fund and the Board for Depositories that insures the deposits of municipal governments in the state, much as the Federal Deposit Insurance Corporation insures private accounts, except without limiting the amount of the insurance.[3] The Indiana Institute for Public Funds Management is private organization that was developed to provide financial education for municipal government leaders. The treasurer is designated by the organization its chairman.[2]

List of treasurers

  Democratic-Republican   Democratic   Whig   Republican

Territorial treasurers
#NameTook officeLeft officePartyHometownNotes
1 Davis Floyd 1814 1816 Democratic-Republican Corydon, Indiana

State treasurers
#NameTook officeLeft officePartyHometownNotes
1 Daniel Crosby Lane November 16, 1816 December 28, 1822 Democratic-Republican Harrison County, Indiana
2 Samuel Merrill December 28, 1822 February 13, 1834 Whig Corydon & Indianapolis, Indiana
3 Nathan B. Palmer February 13, 1834 February 9, 1841 Democrat Jefferson County, Indiana
4 George H. Dunn February 9, 1841 February 9, 1844 Whig Jefferson County, Indiana
5 Royal Mayhew February 9, 1844 February 9, 1847 Democrat Lawrenceburg, Indiana
6 Samuel Hannah February 9, 1847 February 9, 1850 Whig Shelby County, Indiana
7 James P. Drake February 9, 1850 February 9, 1853 Democrat Indianapolis, Indiana
8 Elijah Newland February 9, 1853 February 9, 1855 Democrat Washington County, Indiana
9 William R. Nofsinger February 9, 1855 February 9, 1857 Republican Parke County, Indiana
10 Aquilla Jones February 9, 1857 February 9, 1859 Democrat Columbus, Indiana
11 Nathaniel G. Cunningham February 9, 1859 February 9, 1861 Democrat Vigo County, Indiana
12 Jonathan S. Harvey February 9, 1861 February 9, 1863 Republican Jeffersonville, Indiana
13 Matthew L. Brett February 9, 1863 February 9, 1865 Democrat Daviess County, Indiana
14 John I. Morris February 9, 1865 February 9, 1867 Republican Salem, Indiana
15 Nathan Kimball February 9, 1867 February 9, 1871 Republican Loogootee, Indiana
16 James B. Ryan February 9, 1871 February 9, 1873 Democratic Indianapolis, Indiana
17 John B. Glover February 9, 1873 February 9, 1875 Republican Bedford, Indiana
18 Benjamin C. Shaw February 9, 1875 February 9, 1879 Democrat Indianapolis, Indiana
19 William Fleming February 9, 1879 February 5, 1881 Democrat Fort Wayne, Indiana
20 Roswell S. Hill February 5, 1881 February 9, 1883 Republican Brazil, Indiana
21 John J. Cooper February 9, 1883 February 9, 1887 Democrat Indianapolis, Indiana
22 Julius A. Lemcke February 9, 1887 February 9, 1891 Republican Evansville, Indiana
23 Albert Gall February 9, 1891 February 9, 1895 Democrat Indianapolis, Indiana
24 Frederick J. Scholz February 9, 1895 February 10, 1899 Republican Evansville, Indiana
25 Leopold Levy February 10, 1899 February 9, 1903 Republican Indianapolis, Indiana
26 Nathaniel U. Hill February 9, 1903 February 10, 1907 Republican Bloomington, Indiana
27 Oscar C. Hadley February 10, 1907 February 9, 1911 Republican Plainfield, Indiana
28 William H. Vollmer February 10, 1911 February 10, 1915 Democrat Vincennes, Indiana
29 George A. Bittler February 10, 1915 February 10, 1917 Democrat Fort Wayne, Indiana
30 Uz McMurtie February 10, 1917 February 10, 1921 Republican Marion, Indiana
31 Ora J. Davies February 10, 1921 February 10, 1925 Republican Kokomo, Indiana
32 Bernhardt H. Urbahns February 10, 1925 January 22, 1926 Republican Indianapolis, Indiana [4]
33 Grace Urbahns January 22, 1926 February 10, 1931 Republican Indianapolis, Indiana [5]
34 William Storen February 10, 1931 February 10, 1935 Democrat Scottsburg, Indiana
35 Peter Hein February 10, 1935 February 10, 1939 Democrat Crown Point, Indiana
36 Joseph M. Robertson February 10, 1939 February 10, 1941 Democrat Brownstown, Indiana
37 James M. Givens February 10, 1941 February 10, 1945 Republican Porter, Indiana
38 Frank T. Millis February 10, 1945 February 10, 1949 Republican Campbellsburg, Indiana
39 F. Shirley Wilcox February 10, 1949 February 10, 1951 Democrat New Albany, Indiana
40 William L. Fortune February 10, 1951 February 10, 1953 Republican Carmel, Indiana
42 John Peters February 10, 1953 February 10, 1957 Republican New Albany, Indiana
43 Adolph L. Fossler February 10, 1957 February 10, 1959 Republican Indianapolis, Indiana
44 Jack A. Haymaker February 10, 1959 February 10, 1961 Democrat Logansport, Indiana
45 Robert E. Hughes February 10, 1961 February 10, 1963 Republican Greenwood, Indiana
46 Jack L. New February 10, 1965 February 10, 1967 Democratic Greenwood, Indiana
47 John Snyder February 10, 1967 February 10, 1971 Republican Washington, Indiana
48 Jack L. New February 10, 1971 February 10, 1979 Democratic Greenfield, Indiana
49 Julian Ridlen February 10, 1979 February 10, 1987 Republican Logansport, Indiana
50 Marjorie H. O’Laughlin February 10, 1987 February 10, 1995 Republican Indianapolis, Indiana
51 Joyce Brinkman February 10, 1995 February 10, 1999 Republican Indianapolis, Indiana
52 Tim Berry February 10, 1999 February 10, 2007 Republican Fort Wayne, Indiana
53 Richard Mourdock February 10, 2007 August 29, 2014 Republican Evansville, Indiana
54 Kelly Mitchell November 18, 2014 January 9, 2023 Republican Logansport, Indiana
55 Dan Elliott January 9, 2023 Incumbent Republican

Notes
  1. Indiana Chamber, p. 16
  2. Indiana Chamber, p. 18
  3. Indiana Chamber, p. 17
  4. Bernhardt H. Urbahms died in office and his wife Grace was appointed in his place. (Funk, p. 211)
  5. Grace Urbahns was married during her second term and became Mrs. Grace Banta Reynolds. (Funk, p. 211)

See also

Sources
  • Funk, Arville L (1983) [1969]. A Sketchbook of Indiana History. Rochester, Indiana: Christian Book Press. pp. 210–211.
  • Indiana Chamber (2007). Here's Your Indiana Government. Indiana Camber of Commerce. ISBN 978-1-883698-79-9.
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