Finance Committee

Charges:

• Ensures that there are adequate resources to fulfill the association’s goals and objectives
• Develop and recommend to the Board of Directors:
   o A proposed annual operating budget, and if called for, a capital expenditure budget
   o Dues to be paid by the various types of members of the Association
   o The amount that should be set aside for a reserve fund
• Reviews financial statements and reconciles bank statements on a regular basis.
• Periodically reviews the financial controls of the association regarding the handling of funds and resources.
• Advises the Board of Directors regarding income-producing activities for the association.
• Recommends investment strategies and provides advice on other financial matters as deemed necessary by the Board of Directors.
• Advises the Board of Directors on tax-related matters.
• Ensures that association has filed the appropriate tax documents and advises the Board of Directors on tax-related matters.
• Ensures that the association maintains adequate liability coverage.
• Reviews the capital equipment needs of the association on a regular basis and makes recommendations to the Board on capital equipment purchases.
• Donations: (a) Funding decisions on charitable contributions should take into account the charity’s allocation of contributions toward administration, overhead, and direct application; (b) Funding decisions on charitable contributions should take into account the charity’s auditing procedures and whether the association has input into the distribution of its contribution