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SECTION: BOARD of directors

/ POLICY 1010
FINANCE COMMITTEE
Origination date: 03/15 Last Revision Date: 3/17/15
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1.GENERAL

The Finance Committee is a standing committee of the Board of Directors that works with the director and financial staff to monitor the finances of Flinthills Services, Inc.

Members of theFinance Committee shall be appointed every two yearsby a majority of the Board of Directors and are taskedwith the oversight of the organizational budget.

The Finance Committee assists the board of directors in fulfilling its fiduciary responsibility, andprotecting FSI from legal challenges and liability.

2.MEMBERSHIP

Membership of the Finance Committee shall consist of:

a.Board Treasurer (acting as ex officio chair of the committee)

b.Board member or community stakeholder with financial expertise/experience

c.One other member as appointed by a majority of the Board of Directors

3.RESPONSIBILITIES

3.1The Finance Committee shall act as an advisory and oversight body on current financial matters and insures that the organization’s books are accurate and transparent.

3.2The Finance Committee members act as the liaison between the board of directors and the financial operations of Flinthills Services, Inc. Its primary role is to simplify the information to ensure the full board is aware of everything it needs to know.

3.3The Finance Committee will insure funds are being expended according to funding requirements; oversee cash flow and other money management issues; monitor debt and debt payback, flag potential problems, act as a resource to help correct fiscal problems and/or discuss fiscal issues, and ensure financial reporting requirements are fulfilled

3.4The Finance Committee shall meet prior to regularly scheduled board meetings and review thecurrent financial statements with the Executive Director and the Chief Financial Officer.

3.5The Board Treasurer and the Chief Financial Officer will present a report on the state of the finances of the organization at each board meeting.

3.6The Finance Committee shall work with the Chief Financial Officer and the Executive Director during the audit process, meet with the auditors after an audit to go over and understand recommendations; help staff develop plans to address auditor’s recommendations and correct any errors, inadequacies or problems with the organization’s fiscal policies; monitor adherence to and success of any plans developed to address issues or compliance with auditor’s recommendations; and report to the board of directors on the competence of and proposed retention or dismissal of auditors.

3.7The Finance Committee shall assist the Executive Director with the hiring of fiscal staff.

3.8The Finance Committee shall act as members of the Gift Review Committee (see Financial Policy F-1103) to provide oversight and recommendations on proposed donations.

4.ETHCIAL CONSIDERATIONS

4.1All appointees to the Finance Committee are required to comply with the Flinthills Services, Inc. Corporate Compliance (ADM-1100) and Code of Ethics (C-0002).

4.2All members of the Finance Committee shall act in the best interest of Flinthills Services, Inc. and will not act independently of the Board of Directors.

4.3Concerns by any or all members of the Finance Committee shall be addressed to the Chairperson of the Board of Directors. If the concern lies with the Board Chair, then the Committee members will direct concerns to the board officers following the established chain of command.

5.REFERENCES

5.1FSI Policy ADM-1100 – Corporate Compliance Policy

5.2FSI Policy C-0002 – Code of Ethics

5.3FSI Policy F-1103 – Gift/Donations Acceptance Policy

6.FORMS

NONE

Reviewed: 06/16

Revised:

Policy #1004