Under the direction of the Board of Directors, the Finance Committee is responsible for overseeing the Chapter’s finances to ensure that it remains financially sound. Specific responsibilities include, but are not limited to:
(a) preparing draft budgets;
(b) reviewing the regular accounting reports provided by the Treasurer;
(c) making recommendations to the Board of Directors related to the retention of any accountant, auditor, tax preparer, attorney, or other service provider;
(d) developing standardized policies and procedures for the receipt of donations in compliance with the Internal Revenue Code and such other Federal/State laws as may be applicable; and
(e) perform calendar quarter internal reviews of transactions including review of bank reconciliations.
The committee can also help identify and secure new sources of funds.
The Finance Committee conducts detailed financial reviews quarterly to ensure that every transaction recorded in the Chapter's QuickBooks accounting system is appropriate and is backed by hard copy source documentation, as shown at right: