The Office of North Dakota State Treasurer was established under Article V, section 2, of the North Dakota State Constitution. The Treasurer is elected by the people of North Dakota to serve a four-year term.
State Treasurer’s Board Memberships
The State Treasurer serves as a member of the following entities by law:
- State Board of Equalization
- State Historical Board
- State Investment Board
- Teacher's Fund for Retirement Board
- Board of University and School Lands
- State Canvassing Board
What We Do:
Cash management for the state of North Dakota involves the systematic gathering of information about the state’s collections, disbursements, balances, and the use of that data to effectively manage the funds available to the state. The forecasting and cash management expertise offered by the Office of State Treasurer are necessary to ensure the availability of sufficient funds to cover state obligations while optimizing investment earnings.
The State Treasurer is responsible for paying all warrants or checks drawn against the State. Bank balances are reconciled daily to ensure that sufficient funds are available to pay all outstanding warrants. All State funds received by agencies are deposited through the Office of State Treasurer for investment in the general fund.
The Treasurer serves as custodian for all state funds. The Office of State Treasurer is responsible for the investment of the State’s general and special funds, as well as several trust funds. State funds are invested as CD’s with the Bank of North Dakota. Trust fund money is invested in banks and credit unions throughout the State of North Dakota.
Tax Collections and Distribution
The State Treasurer is responsible for disbursing over 30 tax distributions to political subdivisions. Our web based system TDOC, Tax Distribution Outstanding Check, pulls data from a variety of sources, which streamlines our distributions and ensures greater accuracy, transparency and efficiency. Funds distributed include but are not limited to State Aid, Oil and Gas and the Highway Tax. Tax collections from political subdivisions include the indigent defense administrative fund, the domestic violence prevention fund, and district court costs.
Our office also provides analysis, data, and education of various tax distributions and state laws to legislators, employees of other state agencies, officials and employees of local political subdivisions, and the general public
Treasurer Schmidt worked collaboratively to pass legislation to promote financial literacy as a responsibility of the State Treasurer and a priority of the office. NDCC 54-11-01 outlines the duty: “May work to promote access to financial education tools that can help all North Dakotans make wiser choices in all areas of personal financial management.”
Unlike some State Treasurers, North Dakota’s Office of State Treasurer DOES NOT:
Function as the State's Bank. The Bank of North Dakota is the only state-owned bank in the United States, which is the depository for all state tax collections and fees. http://www.banknd.nd.gov
Manage the State's Retirement Funds. The Public Employees Retirement System and the Teachers Fund For Retirement are managed by the North Dakota Retirement and Investment Office, www.nd.gov/rio and the Treasurer serves as a member of these boards.
Manage the State's Permanent Funds. The State Investment Board administers and manages the investment programs of several funds including the Public Employees Retirement System, The Teachers' Fund for Retirement and the Workforce Safety & Insurance Fund. The SIB also contracts with certain political subdivisions for investment management. The 11- member State Investment Board includes the State Treasurer, State Insurance Commissioner, Executive Director of Workforce Safety & Insurance, Land Commissioner, Lt. Governor, three representatives of PERS and three representatives of TFFR. www.nd.gov/rio/SIB
Manage the State's 529 College Savings Plan. The Bank of North Dakota manages the plans available for North Dakotans interested in saving for future college tuition expenses. https://www.collegesave4u.com/ndtpl/uii529enroll/gettingStarted.do
Administer or collect income, gross receipts (sales), or property taxes. The income and gross receipts taxes are the responsibility of the State Tax Commissioner www.nd.gov/tax. Property taxes are collected by the state’s county treasurers.
Administer Unclaimed Property. Unclaimed property in North Dakota is administered by the North Dakota Department of Trust Lands. http://www.land.nd.gov/UnclaimedProperty/
Kelly L. Schmidt, 2005-Present
Kathi Gilmore, 1993-2004
Robert E. Hanson, 1985-1992
John S. Lesmeister, 1981-1984
Robert E. Hanson, 1979-1980
Walter Christensen, 1973-1979
Bernice Asbridge, 1969-1972
Walter Christensen, 1965-1968
Phil Hoghaug, 1963-1964
John R. Erickson, 1959-1962
M.J. Baumgartner, 1958-1958
Albert Jacobson, 1955-1958
Ray Thompson, 1953-1954
Albert Jacobson, 1949-1952
H.W. Swenson, 1945-1948
Otto Krueger, 1945-1945
Carl Anderson, 1941-1944
John Omland, 1939-1940
John Gray, 1935-1938
Alfred S. Dale, 1933-1934
Berta E. Baker, 1929-1932
C.A. Fisher, 1925-1928
John Steen, 1921-1924
Obert A. Olson, 1919-1920
John Steen, 1915-1918
Gunder Olson, 1911-1914
G.L. Bickford, 1909-1910
Albert Peterson, 1905-1908
D.H. McMillan, 1901-1904
D.W. Driscoll, 1899-1900
George E. Nichols, 1895-1898
Knud J. Nomland, 1893-1894
L.E. Booker, 1889-1892