Basic Roles and Responsibilities of a Nonprofit Finance Committee

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The Finance Committee is a standing committee of the Board of Directors and is typically chaired by the Board Treasurer. The committee is responsible for reviewing and providing advice for the organization's financial matters. Specifically, the committee assures internal controls, independent audit, and financial analysis for the organization.

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The Finance Committee reviews all financial statements and reports on financial operation to the full board. The full board may be better able to answer to aggregated information with prominent financial trends and issues highlighted in an along description report. While each board member should have the occasion to chronicle organization-wide income and charge reports to understand the impact on the organization, members who are fresh at reading financial statements may get lost in overly detailed statements. To help the board fulfill its oversight function, it is prominent for the administrative Director and the Finance Committee to present the information in as clear and concise a manner as possible.

Here are the Finance Committee's basic responsibilities:

1. Supply direction for the entire Board for fiscal responsibility.
2. Ordinarily chronicle the organization's revenues and expenditures, equilibrium sheet, investments and other matters linked to its prolonged solvency.
3. Approve the yearly budget and submit it to the full Board for approval.
4. Ensure the maintenance of an proper capital structure.
5. Oversee the maintenance of organizational-wide assets, including frugal management of organizational investments.

Here are some exact tasks the Finance Committee might undertake:

1. chronicle revenues and expenses at a monthly Committee meeting.
2. Ensure that organizational funds are spent appropriately (i.e., restricted funds).
3. Create an speculation strategy.
4. Ensure the preparation of an yearly audit, tax form (990), and audited Financial Statements.
5. Supply withhold to staff as needed.

A committee of about 5 or 6 knowledgeable population should be able to Supply invaluable financial leadership to your Board.

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