Purpose
The Finance Committee coordinates the board’s financial oversight responsibilities.
Authority
The committee has no expressed or implied power or authority. This committee reports directly to the board of directors.
Membership
- The treasurer shall chair the committee.
- The executive director shall serve as staff to the committee.
- The board shall appoint other committee members. The majority of members must be directors.
- The committee may include non-director persons whose experience in accounting, finance or business may assist the committee and the board in the performance of their financial oversight responsibilities. The committee chair will follow the volunteer recruitment process and recommend non-director members to the board for appointment.
Current members
- Robert Heyser, treasurer and chair
- Sara Clark, executive director
- Aaron Knight
- Ben Rapin
- Brenden Sparks
- Jaymi Victor
- Jackie Vetrano
- Tom Wojciechowski
Responsibilities
- Maintains internal controls and accountability
- Creates, approves, and updates (as necessary) policies that help ensure the assets of the organization are protected. Presents policies to the board of directors for approval.
- Ensures policies and procedures for financial transactions are documented in a manual, and the manual is reviewed annually, and updated as necessary.
- Ensures approved financial policies and procedures are being followed.
- Reconciles financial reports with bank and credit card statements
- Provides reporting
- Develops useful and readable report formats with staff.
- Works with staff to develop a list of desired reports noting the level of detail, frequency, deadlines, and recipients of these reports.
- Works with staff to understand the implications of the reports.
- Presents the financial reports to the full board.
- Provides budget and financial planning
- Reviews the budget proposed by the Budget Committee.
- Monitors adherence to the budget.
- Oversees audits
- Recruits and recommends the auditor to the board of directors.
- Reviews the draft audit and 990 as presented by the auditor.
- Presents the audit report to the full board of directors (if the auditor does not do this).
- Reviews the management recommendation letter (SAS112) from the auditor and ensure follow up on any issues mentioned.
- Guides investments
- Drafts and maintains an investment policy detailing the objectives of the investment portfolio, guidelines on the asset allocation of the portfolio based on a predetermined level of risk tolerance, authorizations for executing transactions, disposition of earned income, etc. Presents policy to the board of directors for approval.
- Ensures provisions of the policy are followed.
- Reviews the policy at least annually and recommends updates if necessary.
- Hires (with board approval) and evaluates the investment managers/advisors.
Operations
- Meets no fewer than six times per year, at the call of the chair of the committee or the executive director.
- Maintains minutes of all meetings.
- Reviews this charter annually and recommends changes to the board of directors.
- Follows Association policies and procedures.
- Establishes and maintains documentation about committee roles and procedures, including how this committee collaborates with others.
- Communicates and collaborates with other committees and board of directors to accomplish Association goals.
- Provides quarterly updates to the board of directors.