The Finance Committee provides financial oversight for the organization. This includes budgeting and financial planning, as well as the creation and monitoring of internal controls and accountability policies. Duties of the Finance Committee include:
Budgeting and Financial Planning
- Develop an annual operating budget with the Treasurer.
- Approve the budget within the Finance committee and present to the Executive Board.
- Monitor adherence to the budget.
- Set long-range financial goals and work with Fundraising to develop strategies to achieve them.
- Develop multi-year operating budgets that integrate strategic plan objectives and initiatives.
- Present all financial goals and proposals to the Executive Board for approval.
- Establish a chart of accounts that would allow us to identify patterns in revenue and expenses over full Presidential cycles so that we have a better idea when we will need money for specifically identified projects and events.
- Develop useful and readable report formats with the Treasurer.
- Work with Treasurer to develop a list of desired reports noting the level of detail, frequency, deadlines, and recipients of these reports.
- Work with the Treasurer to understand the implications of the reports.
- Present the financial reports to the Executive Board.
- Provide oversight of PDC filings.
Internal Controls and Accountability Policies
- Create, approve, and update (as necessary) policies that help ensure the assets of the organization are protected.
- Ensure policies and procedures for financial transactions are documented in a manual, and the manual is reviewed annually, and updated as necessary.
- Develop best practices around controls and transparency.
- Ensure approved financial policies and procedures are being followed.