Finance Committee Member

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The Finance & Audit Committee will assist the board to discharge its obligations in relation to the legal, ethical and financial integrity of the organization, and to maintain its accountability to stakeholders, thereby protecting the good name of, and trust in, Minnesota Communities Caring for Children (MCCC).

1. Responsibilities of Finance & Audit Committee

   1. Strategic

      1. Review the effectiveness of the systems of internal control operated by management

      2. Recommend to the board the appointment of the auditor, and the scope and terms of the appointment

      3. Review draft financial reports with the auditor, the conduct of the audit and any matters arising from the audit, and report to the board on any matters relating to the board’s adoption of the report, including its compliance with relevant laws and reporting or accounting standards

      4. Review any related-party transactions and report specifically on them to the board

      5. Examine reports of the auditor on any matter relating to the committee’s charter, and confirm that management’s responses to any recommendations made by the auditor are appropriate

      6. Review the codes of conduct adopted by management, the processes adopted by management to promulgate such codes, and the extent to which all employees are aware of and committed to them

   2. Operational

      1. Attend meetings in person or by phone

      2. Report financial status of MCCC to Board at all Board meetings

      3. Report financial concerns to Board, as appropriate

      4. Meet with Development Committee regarding annual budget planning and recommendations

      5. Recommend an annual budget to the Board for approval at year’s end

      6. Carry out ad hoc tasks assigned to the committee by the board. Such assignments shall be relevant to the purpose and objectives of the committee

      7. Regularly (at least annually) assess the performance of the committee itself using appropriate aids such as feedback from the auditor, and recommend changes to the committee’s charter as appropriate

      8. Keep the board informed of the committee’s activities and findings, and on any matters relating to the purpose and objectives of the committee