Finance Committee

The general purpose of the Committee is to monitor and help the full Board understand the organization’s finances. In partnership with the executive director, this Committee reviews accurate, timely, and meaningful budgets and financial statements while overseeing the work of the Foundation’s accountant. The Committee also recommends an auditor, reviews the audit, and oversees the completion and submission of the Foundation’s annual 990 by the accountant. The Committee Chair shall make reports to the Executive Committee or the Boards as are appropriate from time to time.

Membership:

• The chair must be a board member and will also be the Treasurer of the Board
• All other members may or may not be members of the board
• Members should demonstrate financial acumen through their own work experience and/or education

Committee Responsibilities & Goals:

Monthly:

• Review financial statements prepared by accountant and ABF staff
• Report on financial statements to Executive Committee and Full Board

Annually:

• Review budget prepared by ABF Staff
• Submit budget to Full Board for approval before the start of next fiscal year
• Review 990 prepared by accountant
• Submit 990 to Full Board for approval before due date after fiscal year-end

As Needed:

• Review and approve transactions over $5,000 (done by Chair)
• Review payroll records periodically
• Review contracts

Special Projects:

• Propose investment policy for excess cash to Full Board by June 2018
• Assist with identifying an investment advisor, if deemed necessary
• Assist ABF Staff in preparation for future audit

Committee member expectations:

• Quarterly meetings expected
• Review financials and other documents timely
• Come prepared to meetings