The role of the finance committee is to provide financial oversight for the organization and ensure that the organization maintains accurate and complete financial records. Typical tasks include budgeting and financial planning, financial reporting, and the creation and monitoring of internal controls and accountability policies. An outline of responsibilities appears below. The chair of the finance committee shall be the organization treasurer
Budgeting and Financial Planning
- Ensure the assets of the organization are properly maintained
- Develop an annual operating budget with committee members in consultation with the President, the Executive Director and the appropriate staff.
- Submit the budget and all financial goals and proposals to the board of directors for approval
- Monitor adherence to the approved budge
- Ensure compliance to all federal, state and other reporting requirements as they could affect the organization’s tax status.
- 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.
- Prepare 990.990ez yearly
- Recruit and select auditor as needed