Finance Committee Member

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Finance Committee Member

Responsibilities of the volunteer Finance Committee:

• Makes sure that complete, accurate financial records are maintained and monitors those reports
• Reviews annual budget and recommends approval to full Board of Directors (Board)
• Communicates organization's financial status to the full Board and makes sure the full Board understands the financial picture
• Ensures compliance with local, state and federal regulations governing nonprofit financial reporting
• Protects organization's financial assets and makes sure that any investments are wisely managed

Meetings:

Frequency

Meetings shall be held at least quarterly, as dictated by the urgency of the issues at hand, on a schedule determined by the members of the committee. Since the Finance Committee has approval power over the organization's budgeting and financial health, it may meet more frequently when the budget is being prepared and reviewed.

Decisions

A majority of members will suffice as a quorum for taking action on agenda items. If necessary, a non-committee-member from the Board can be asked to join the meeting to establish a quorum.

Report Frequency

The committee will submit reports to the Board within the month after their meetings.

Authority - Empowerment

The volunteer Finance Committee requires the cooperation of staff for complete information about the organization's financial status and regular financial reports, as part of the Board packet before Board meetings, but also prior to Finance Committee meetings. There must be an open and accountable relationship between staff and the Finance Committee.