Board Proposal 025 - Establishment of Finance Committee
Board Proposal 025
Sponsor: Brian Adams
Status: Adopted 11/18/2014
Establish a standing “Finance Committee” consisting of no fewer than three and no more than five members. At least three members of the finance committee shall be sitting board members of Lansing Makers Network.
The Board President and Treasurer of Lansing Makers Network shall be de facto members of this committee.
The Finance Committee charge and responsibilities:
- Develop an annual operating budget.
- Committee will seek input from membership and Zone Wardens regarding budgetary needs.
- Approve the budget within the finance committee.
- Monitor adherence to the budget.
- Set long-range financial goals along with funding strategies to achieve them.
- Develop multi-year operating budgets that integrate strategic plan objectives and initiatives.
- Present all financial goals and proposals to the board of directors for approval.
- Develop useful and readable report formats.
- Present the financial reports to the full board in advance of each regular board meeting.
- Create, approve, and update (as necessary) policies that help ensure the assets of the organization are protected.
- Ensure policies and procedures for financial transactions are documented in a manual, and the manual is reviewed annually, and updated as necessary.
- Ensure approved financial policies and procedures are being followed.