Committee Purpose: The Finance Committee’s charge is to establish a viable, sustainable, multi-year financial plan for the organization in conjunction with the activities of the Fund Development Committee and its subcommittees. In the short term, the committee will be focused on developing the budget for the 2011/12 fiscal year.
Projects/Objectives: The Finance Committee’s primary, on-going objective is to monitor and foster the sound financial health of the organization. There are two types of financial projects for this committee, on-going, which are the responsibility of the Treasurer and specific targets, which are more conducive to committee activity.
- Manage investment
- Monitor financial conditions
- Review revenues and expenses to maximize net
- Commission annual audit
- Investigate changing the fiscal year (April 1- March 31) to a calendar fiscal year
- Develop 2011/12 Budget
- Develop and implement sustainable financial plan
Prioritization: For the full committee, priority tasks include the 2011/12 budget and the development of a sustainable financial plan for the organization.
Structure: Committee co-chairs will be responsible for the day-to-day financial oversight and budget preparation with consultation of the full board. A committee of 7 board and non-board members would be convened to tackle the larger project of financial sustainability.
Membership: In addition to the co-chairs, 3 additional board members and 2 additional non-board members would be desirable to work on a long term, multi-year financial plan. Further detail will be provided when the committee members have been appointed. One member, however, must also be a member of the Fund Development Committee, and one other member must be a member of the Membership Committee. This should ensure accurate, timely communication between these committees.
Action Planning/Recommendations: Under development