The WLS Budget and Finance Committees were formally merged into one committee on April 30, 2024, with a board resolution.
The primary responsibilities of the WLS Budget and Finance Committee are to oversee the development of the WLS’ annual operating budget and to provide ongoing accounting and financial oversight of the WLS. The committee will oversee financial planning, reporting, and analysis and will provide advice and guidance to WLS management and the WLS board regarding financial matters affecting WLS. In general, the committee will meet in advance of each Board meeting to review the financial reports being presented to the Board. The Board Treasurer should generally chair the Budget and Finance Committee.
An outline of key responsibilities is set forth below.
Annual Budget
- Working with WLS management to develop an annual operating budget.
- Reviewing and approving the budget within the committee and ensuring that the budget is reviewed and approved by the WLS board.
Financial Reporting
- Work with WLS management to create high quality/useful/readable financial reports that clearly communicate the organization’s financial position, adherence to the budget, and allocation of resources toward the accomplishment of its various objectives.
- Monitor the ongoing financial performance of the WLS and its adherence to the budget
Financial Planning:
- Work with WLS management to develop long-range financial goals (regarding such matters as reserve and capital funds) along with strategies to achieve these goals.
- Present financial goals and proposals to the WLS board for approval.
Internal Controls & Accountability Policies:
- Recommend to the Governance Committee new and updated policies as needed to help ensure that the assets of the organization are protected. Examples of policies that the finance committee would work on include investment policies, policies involving loans/lines of credit, capital purchases, disposition of donated stock, etc.
- Ensure that policies and procedures for financial transactions are appropriately documented and made readily available to the WLS board.
- Ensure that financial policies and procedures are followed.
Education:
- Assist in educating the WLS board about financial issues affecting the organization.
Members
Maureen LeBlanc (Chair), District 8
Karen Zevin, District 1
Barbara Tepper, District 4
Rob Cartolano, District 9
Patricia Phelan, District 15
| Materials | |||
|---|---|---|---|
| February 27, 2024 | Minutes | ||
| January 31, 2023 | Minutes | ||
| November 21, 2022 | Minutes | ||
| June 28, 2022 | Minutes | ||
| May 31, 2022 | Minutes | ||
| April 26, 2022 | Minutes | ||
| March 15, 2022 | Minutes | ||
| February 14, 2022 | Minutes |