The Finance Committee will advise the Board of Directors and Executive Director on matters of financial significance to Beacon, including providing guidance in adoption of the annual capital and operating budgets; will provide advice on the investment policy and its management; and will provide advice on the long-term financial strategies of Beacon regarding its financial security. Members of the Finance Committee should have familiarity with financial concepts, particularly the financial management of tax-exempt entities, in areas such as banking, insurance, investments, accounting and capital purchasing.
The Finance Committee will meet quarterly in order to at least annually:
· Review the investment policy statement, risk assessment relative to market conditions, and level of funding held for reserves and short and long term operating needs;
· Review insurance coverage levels to mitigate loss potential and provide adequate risk management;
· Review banking relationships;
· Monitor organizational financial trends, profitability and potential areas for new growth, revenues, or opportunities for investment in programs or projects that will enhance value for Beacon and its members;
· Support the Executive Director during the annual budget planning process by offering advice on factors and trends that may affect revenue or expense categories and review the budget prior to board adoption; and
· Review organizational accounting and financial policies to ensure compliance with accounting and tax changes affecting tax exempt organizations; and
· Affirm that required tax and other filings, e.g. the form 990, are in compliance with current requirements and are filed timely.
The Committee shall be chaired by the Treasurer of the Board and members shall be appointed by the Beacon Chair and/or Board in accordance with the policies regarding appointment of Committees.