Role of the Committee
The role of the finance committee is primarily to provide financial oversight for the organization. The committee is responsible for budgeting, financial planning, financial reporting, and the creation and monitoring of internal controls and accountability policies. An outline of responsibilities appears below.
Budgeting and Financial Planning
- Develop an annual operating budget with staff.
- 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
Non-board members with financial expertise can and should be included on the committee
- Develop useful and readable report formats with staff.
- Work with staff to develop a list of desired reports
- Work with staff to understand the implications of the reports.
- Present the financial reports to the full board.