Job Description
Finance Committee
Purpose: To formulate and monitor the financial policies and operations of the YWCA. To develop and implement policy regarding investments.
Composition: Treasurer, who serves as chair, President, and four or more additional Board members, plus others as appointed by the President.
Responsibilities of Committee:
1. Oversees the preparation of the annual budget, presents it to the Board jointly with Financial Development, Program and Personnel committees. Such preparation shall include the securing of requests and estimates from the Financial Development, Program and Personnel committees, staff, and such other committees and individuals as shall be appropriate.
2. Oversees the annual operating budget through monitoring the monthly financial operations. Presents financial status quarterly, and recommends annual budget annually to the Board of Directors.
3. Reviews financial and investment policy and presents the recommended changes to the Board. Monitors investments and assesses overall performance of endowment fund. Meets with Financial Consultants at least once a year.
Responsibilities of Staff: Executive Director
1. With the President, ensures that the Chair of the Finance Committee understands the committee responsibility and has access to records and other information needed.
2. Prepares preliminary drafts of proposed budget.
3. Secures grants/funding for program and facilities, according to goals of the Association.
4. Ensures that the Committee has accurate reports of the Association's financial position and is aware of its legal and contractual obligations (e.g. taxes, licensing, national support, leases, etc.) on which to base its recommendations to the Board.
5. Executes decisions of the Board of Directors regarding endowment and investments.
Frequency of Meetings: Quarterly