Finance Committee Job Description

 

Purpose

The primary objectives of the Committee are to oversee the fiscal affairs of the organization by reviewing initial drafts of all finance-related materials prior to submission to the Executive Committee and Board of Directors; lending expertise, advice, and guidance when called upon; and working to ensure that proper financial systems, procedures, and controls are in place. The Committee will recommend the annual operating budget to the Board. It will also monitor any investments of the organization and ensure an annual audit.

Responsibilities of the Committee

  • Review the annual operating budget prepared by the CEO/President, CFO, and Treasurer. If recommended by the Finance Committee, present the annual operating budget to the Executive Committee and then Board for initial draft review and ultimate final approval.

  •  Monitor expenditures, the balance sheet, and funds throughout the year and analyze variances from the budget. Provide regular reports to the Board.

  • Upon request from the Executive Committee and/or Board, analyze proposed major financial or capital transactions not provided for in the budget or significant event budgets not already in the budget. Submit analyses and/or recommendations on these to the Executive Committee.

  • Ensure that the organization has appropriate accounting and cash management policies in place.

  • Provide regular ongoing financial education to the Board of Directors.

  • Understand the operations of EmployAbility in order to oversee the organization’s fiscal affairs properly.

  • Oversee investments of the organization.

  • Ensure that an annual audit of the organization takes place in a timely fashion.