The Finance Committee is commissioned by and accountable to the Board of Directors of Fisher House Wisconsin to provide fiduciary oversight and leadership, ensuring that the organization is being properly managed from a financial perspective.
The Committee’s role is to: ensure that the organization’s resources, particularly tangible assets, are deployed effectively and efficiently to promote the organization’s mission; promote lawful and ethical behavior in the management of the finances to prevent theft, waste and misuse of resources; stay knowledgeable and informed about the organization’s financial status and underlying trends; and document that the organization’s financial requirements have been properly set and met.
- Review the organization’s financial condition and financial statements: balance sheet, income statement, cash flow, and functional expenses, among other documents.
- Ensure that Board Directors receive interim financial statements in a timely manner that cover all information pertinent to prudent and sound fiscal decisions.
- Draft and submit to the Board for approval a fiscal policies and procedures manual that guides fiscal operations, ensuring adequate internal controls and management systems to safeguard assets.
- Keep policies up-to-date and develop new policies and procedures where/when necessary.
- Prepare an annual budget for consideration and action by the Board of Directors.
- Monitor budget implementation throughout the year.
- Assist other Board Directors in understanding financial statements.
- Ensure that financial information is used to perform legal and fiduciary responsibilities and to assess organizational performance.
- Recommend to the Board and monitor the performance of firms charged with investing funds donated to the organization.
- Oversee implementation of annual audit, including selection of accounting firm, if there is not a distinct audit committee.
- Review the committee commission annually and present changes to the Board for approval.