The Finance Committee is a standing committee of the Board of Directors and is chaired by the Board Treasurer. The committee is responsible for reviewing and providing guidance for STRIVE4You’s financial matters. The committee assures internal controls, independent audit, and financial analysis for the organization. The Finance Committee reviews all financial statements and reports on financial activity to the full board. To help the board fulfill its oversight function, it is important for the Board Treasurer and the Finance Committee to present the information in as clear and concise a manner as possible.
Term
The term for a Finance Committee member will be a period of one year.
Duties and Responsibilities
- Provide direction for the entire Board for fiscal responsibility
- Regularly review the organization’s revenues, expenditures, balance sheet and other matters related to its continued solvency
- Ensure that organizational funds are spent appropriately
- Ensure the preparation of an annual audit, tax form (990), and audited financial statements
- Approve the annual budget and submit it to the full board for approval
Qualifications and Requirements
The Finance Committee Volunteer should have:
- The ability to understand financial statements
- Experience in creating budgets preferable
- General knowledge of financial policy and procedures for non-profits
- The ability to work cooperatively with other committee members
- Excellent communication skills
- Time to dedicate to this professional volunteer opportunity (approximately 3-5 hours per quarter). Completing work assignments in a timely fashion is critical to keeping the committee’s deliverables on track and the work of STRIVE4You moving forward
- The ability to commit to taking on an occasional finance-related special project, potentially requiring additional time commitments
- The ability to commit to attending regular meetings. Because finance committee members will most likely live throughout the country, meetings will take place virtually by conference call or Zoom. Meeting attendance is extremely important
- Experience working in a team environment
Lines of Communication
Reports directly to the Finance Committee Chair/Board Treasurer and works closely with fellow volunteers to complete assignments and exchange ideas
Orientation and Training
Committee members will be given training and will be required to read and have general knowledge of the STRIVE4You Financial Policy Manual, as well as the current annual budget.
Time Commitment
Approximately 3-5 hours per quarter