Purpose: The Finance Committee assists the Executive Director of the Association for Community Living (ACL) in the prudent management of financial affairs and monitors such on a regular basis. The Finance Committee is responsible for researching, comparing and making recommendations to the Board regarding the selection of a Certified Public Accountant appropriate to conduct the annual audit.
Membership: The Finance Committee is chaired by the Treasurer of the Board of Trustees. Membership will be drawn from interested trustees and members of the community-at-large who have an interest in assisting the prudent financial management of the ACL. The Executive Director of the ACL is member of the committee. The Chair of the Finance Committee should have at least a basic understanding of not- for- profit financial management as well as a willingness to further that knowledge as necessary.
Committee Member Job Description:
Meet at least monthly (average meeting time of 90 minutes) to review financial reports to ensure that programs are adequately resourced and expenditures are clearly documented and are in line with the budget and ACL strategic plan. Additional meeting times may be necessary to assist with annual financial planning.
Assist the ACL ED to create and implement the yearly budget. Monitor the implementation of the budget through review of monthly financial reports. Ensure that requests/questions from trustees and/or membership are answered clearly and correctly and there is accountability for all revenues collected and utilized.
Develop and maintain the ACL Investment Policy. Manage the ACL’s total liquid assets within the Investment Policy framework.
In conjunction with the Board of Trustees and ED hire competent external professional investment managers. Oversee the performance of the managers and recommend changes as necessary.
Members should be willing to acquire additional knowledge and understanding of financial management of not-for-profit businesses, as needed, to enhance their participation in the Committee process.
Assist in the recruitment of new committee members as necessary.
Committee Chair Person Job Description
The Chair is a member of the Board of Trustees, the Treasurer. The Chair reports to the President of the Board of Trustees and communicates Committee decisions/recommendations to the full BOT. Minutes of meetings are distributed to the BOT.
The Chair works closely with the ACL ED and/or other staff as assigned by the ED.
The Chair sets the agenda for meetings with input from the ED and/or other committee members and conducts the meetings.
The Chair ensures that Committee members have the necessary information to do their job. This may include helping committee members to identify areas for which additional training/knowledge may be needed and provide such training directly or direct the member(s) to other sources for such training.
The Chair initiates and leads the yearly evaluation of the Committee actions and outcomes as they relate to the Strategic Plan.