Purpose:
The Finance Committee is established to provide oversight, guidance, and strategic direction for the financial management for the Chinese American Citizens Alliance, Portland Lodge. The committee's primary purpose is to ensure the organization's financial stability, integrity, and sustainability in support of its mission and goals.
Authority:
The Finance Committee operates under the authority of the Board of Directors of the Chinese American Citizens Alliance, Portland Lodge. Hereafter, referred to as “ Board” It is empowered to review, advise, and make recommendations on financial matters, policies, and procedures, subject to approval by the Board.
Responsibilities:
1. Financial Planning and Budgeting:
? Review and recommend the annual budget to the Board for approval.
? Provide guidance and input on financial planning strategies to support the organization's mission and objectives.
? Monitor budget implementation and recommend adjustments as needed to ensure fiscal responsibility.
2. Financial Reporting and Analysis:
? Review and analyze financial statements, including income statements, balance sheets, and cash flow statements.
? Ensure accurate and timely financial reporting to the Board, stakeholders, and regulatory authorities.
? Provide interpretation and analysis of financial data to support decision-making and strategic planning.
3. Internal Controls and Risk Management:
? Review and assess the adequacy of internal controls related to financial management and reporting.
? Identify financial risks and recommend strategies to mitigate them.
4. Investment and Asset Management:
? Oversee the management of the organization's investments and assets.
? Review investment policies and performance and recommend changes as necessary.
? Ensure alignment of investment strategies with the organization's financial goals and risk tolerance.
5. Audit and Compliance:
? Coordinate with Compliance Officers
? Other responsibilities as needed
6. Fundraising and Revenue Generation:
? Provide input and guidance on fundraising strategies and revenue generation activities.
? Monitor fundraising performance and financial sustainability of revenue streams.
? Ensure proper accounting and reporting for all fundraising activities.
Composition:
The Finance Committee shall consist of a minimum of 2 board members, including the Treasurer of the Board, who shall serve as Chair of the Committee. Additional members may be invited by the Finance Committee Chair based on their expertise and experience in financial management, accounting, QuickBooks non-profit bookkeeping, investments, or related fields. Not all members of the finance committee need to have all the skills and experience listed above but must have two of the six.
Meetings:
The Finance Committee shall meet regularly, at least quarterly, to fulfill its responsibilities. Meetings may be conducted in person, virtually, or by teleconference.
Amendments:
This charter may be amended by a majority vote of the Finance Committee, subject to approval by the Board of Directors.
Adoption:
This Finance Committee Charter shall be adopted by the Board and reviewed periodically to ensure its effectiveness and relevance.