>>>Finance Committee Documents<<<

Chair: Patrick Cush, Board Treasurer: Contact: pcush@mountainsongschool.org

Staff Representative: Teresa Woods, Executive Director

General Purpose – The finance committee is commissioned by and responsible to the Board. It is responsible for working with the Executive Director to create the upcoming fiscal year budget, presenting budget recommendations to the Board, monitoring implementation of the approved budget on a regular basis and proposing budget revisions, recommending to the Board appropriate policies for the management of Mountain Song’s assets. The finance committee shall be assisted by the Executive Director as needed.

Appointments and Composition

1. The members of the finance committee shall be the Treasurer of the Board who shall serve as Chair, together with other Board members appointed by the President of the Board with the advice and consent of the Board in accordance with the Bylaws.
2. The Director of Operations will be a member of the finance committee.
3. Additional committee members may be appointed by the Board President or by the appointed Committee Chair, and need not be members of the Board.

Responsibilities

1. Prepare an annual budget for the organization in collaboration with the Executive Director.
2. The Chair, in collaboration with the Executive Director, shall develop and annually revise a five-year financial forecast and develop long-range financial plans based on the forecast.
3. Arrange for an annual audit to be provided to the Board.
4. Provide oversight of the procurement process.
5. Review monthly financial statements and variances from budget, and recommend action to the Board, as appropriate.
6. Create specific measurable Board-level goals for the year as part of the full Board planning process.
7. Develop and implement a Board-level training program to ensure that all Board members (especially those without a financial background) can be effective stewards of the organization’s financial resources.
8. Report to the Board at regular meetings of the Board in a manner determined by the Board.
9. Annually evaluate its work as a committee and the objectives it has committed itself to and report on same to the Board.