The primary responsibility of the finance committee is 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 committee shall be composed of at least 2 board members, including the Treasurer and the chairperson of the Audit Committee. The Board Treasurer would generally serve as a co-chair of the finance committee. It is also recommended that the Board Vice President serve on the finance committee.
An outline of key responsibilities is set forth below.
- 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
- 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:
- Create, approve, and update (as necessary) policies that 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.
- Assist in educating the WLS board about financial issues affecting the organization.
Maureen LeBlanc (Chair), District 8
Francis Okelo, District 14
Edris Scherer, District 4
Karen Zevin, District 1
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|November 21, 2022||Minutes|