The finance committee is responsible for assisting the board in ensuring the organization is in good fiscal health. The work of the committee revolves around six major areas
- Ensure that accurate and complete financial records are maintained.
- Monitor income and expenditures against projections.
- Review and recommend financial policies to the board, including ensuring adequate internal controls and maintaining financial records in accordance with standard accounting practices.
- Ensure that accurate, timely, and meaningful financial reports are prepared and presented to the board.
- Present quarterly or monthly financial statements to the board.
- Oversee budget preparation and financial planning.
- Propose for board approval a budget that reflects the organization’s goals and board policies
- Ensure that the budget accurately reflects the needs, expenses, and revenue of the organization.
- Safeguard the organization’s assets.
- Review proposed new funding for ongoing financial implications, recommending approval or disapproval to the board.
- Ensure that the organization has the proper risk-management provisions in place
- Help the full board understand the organization’s financial affairs.
- Ensure that the board as a whole is well informed about the organization’s finances.
- Educate the board about financial
- Ensure compliance with federal, state, and other requirements related to the organization’s finances.
- Ensure that the organization maintains adequate insurance
- Ensure that the IRS Form 990, other forms, and employment and other taxes required by government are filed completely, correctly, and on time