Role of Finance committee
The role of the finance committee is primarily to provide financial oversight for the institute. Typical task areas include budgeting and financial planning, financial reporting, and creation and monitoring of internal controls and accountability policies.
- Develop an annual operating budget with staff.
- Approve the budget with the finance committee
- Monitor adherence to the budget
- Set long-range financial goals along with funding strategies to achieve them
- Develop financial year operating budgets that integrate strategic plan objectives and initiatives
- Present all financial goals and proposals to budgeting.
- In addition to developing an annual budget, the committee should also set long-term financial goals. These goals might include, for example, the creation of a fund maintaining or replacing equipment.
- In consultation with the Institute’s strategic plan, the finance committee will work with the staff to determine the financial implications of the plan and will plot them into a multi-year organizational budget that will financially support the implementation of the strategies.