The finance committee is responsible for reviewing and providing guidance for the organization’s financial matters. Specifically, the committee assures internal controls, independent audit and financial analysis for the organization.
The treasurer of the organization shall serve as the chair of this committee.
The finance committee shall review all financial statements and reports on financial activity to the full Board of Directors in a clear and concise manner to help the board fulfill its oversight function.
The basic responsibilities of the finance and funding committee shall include:
Provide direction for the entire Board for fiscal responsibility.
- Regularly review the organization’s revenues and expenditures, balance sheet, investments, and other matters related to continued solvency.
- Approve the annual budget and submit it to the full Board for approval.
- Ensure the maintenance of an appropriate capital structure.
- Oversee the maintenance of organizational-wide assets, including prudent management of organizational investments.
- Review revenues and expenses at a monthly committee meeting.
- Ensure that organizational funds are spent appropriately.
- Develop an investment strategy.
- Ensure the preparation of an internal audit, tax form (990), and audited financial statements.
