Finance Committee Charter
Approved: September 2001 Board Meeting
PURPOSE
The purpose of the KCC Finance Committee is to support the Treasurer to:
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Draft and submit to the Board of Directors an Annual Budget for KCC;
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Oversee the operating expenses of all committees, report budget variances, and make recommendations to the Board of Directors;
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Develop and submit to the Board of Directors, a long-range financial plan for KCC to anticipate major financial events for the next 5-10 years.
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Develop and implement systems to monitor the state of and report on KCC's financial situation.
MEMBERSHIP
Members of the Finance Committee will be approved by the Board of Directors and shall consist of at minimum:
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the Treasurer,
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one additional Board Member,
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the Executive Director (if that position is filled),
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and other members whose skills or experience is relevant to the Finance Committee as determined by the Board of Directors from time to time.
The membership of the Finance Committee will be reviewed annually by the Board of Directors who may make adjustments to the current or future membership as they deem necessary.
RESPONSIBILITIES
The Finance Committee shall solicit, review, and incorporate budgets from the Board of Directors, the Resident Lama, and all committees into a comprehensive Annual Budget for KCC. The Annual Budget will detail all forecast sources of revenue and expenses for KCC for a calendar year. The Finance Committee will work in cooperation with the Resident Lama, the Executive Director, and the Board of Directors in developing the Annual Budget.
The Finance Committee will submit a proposed Annual Budget for the upcoming calendar year to the Board of Directors for approval no later than the last regular Board Meeting of the current year. The Annual Budget shall include individual budgets for all KCC committees and other individuals and groups who routinely incur expenses.
The Finance Committee may not authorize single unplanned expenditures of more than $1,500 without prior approval of the Board of Directors. The Finance Committee will not act upon un-budgeted requests of $1,500 or less in the event that any Board Member notifies the committee that they have a concern about such an expenditure.
The Finance Committee shall maintain current information as to the overall financial condition of KCC, including account balances, cash flow, and other generally accepted measures and indicators for non-profit corporations, and shall report such information to the Board of Directors at least quarterly. The quarterly reports shall contain an assessment of KCC's current financial situation and recommendations to address any problems or issues.
COMMUNICATION
The Finance Committee shall report standard financial information to the Board of Directors at least once every calendar quarter. The Committee shall immediately bring significant variances in the financial condition of KCC to the attention of the Board of Directors and make recommendations for resolving financial problems or issues as they arise. The Finance Committee will work with any KCC committee, person, or group of people that incur expenses or collect income.
STAFFING
The Board of Directors and the Resident Lama will determine who should be appointed to the Finance Committee. The Board of Directors may ask the Nominating Committee to propose candidates for the Finance Committee.