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Finance Committee

Constitution and Bylaws Mandate

There shall be a Finance Committee of the Board of Directors chaired by the Secretary-Treasurer. The Finance committee provides oversight responsibilities with respect to the Society’s finances.

Committee Responsibilities

1. Budgeting and Financial Planning

  • Develop an annual operating budget with CEO.
  • Approve the budget within the finance committee.
  • Monitor adherence to the budget.
  • Set long-range financial goals along with funding strategies to achieve them.
  • Develop multi-year operating budgets that integrate strategic plan objectives and initiatives.
  • Present all financial goals and proposals to the board of directors for approval.

2. Financial Reporting

  • Present the financial reports to the full board.

3. 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.
  • Ensure approved financial policies and procedures are being followed, including:
    • Personnel policies
    • Executive compensation packages
    • Long-term contracts or leases
    • Loans or lines of credit
    • Internet use and computer security
    • Capital purchases
    • Insurance requirements and reviews
    • Record retention
    • Gift acceptance

4. Audits

  •  Recruit and select the auditor.
  • Review the draft audit and 990 as presented by the auditor.
  • Present the audit report to the full board of directors (if the auditor does not do this).
  • Review the management recommendation letter (SAS112) from the auditor and ensure follow up on any issues mentioned.

5. Investments

  • Draft 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.
  • Ensure provisions of the policy are followed.
  • Review the policy at least annually and update if necessary.
  • Hire and evaluate the investment managers/advisors.

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