Finance Committee
Committee Purpose or Mission:
The Finance Committee shall coordinate the Board’s financial oversight responsibilities. The Committee shall administer and manage the fiscal and physical resources of HNXT.
Type of Committee shall be advisory in nature:
The Finance Committee shall make recommendations to the Board of Directors concerning financial oversight, audit, and return on investment (effectiveness of programs).
Activities, Duties and Responsibilities:
The Finance Committee shall oversee:
- The development of the organization’s budgeting and financial planning (This includes setting long-term financial goals for the organization)
- The creation of internal controls, policies, and procedures in the following areas: Finance, Audit (Finance and Activities tied to Finance), and Risk
- The presentation and distribution to the Executive of financial reporting and recommendations concerning financial oversight, audit, and risk.
- The implementation of safeguards to assess and protect the organization’s assets (this includes assessing insurance policies, reputation risk, anticipating financial problems and could include measuring utilization metrics, e.g., people, $ aged, mission & vision, community involvement, how to add value to the program from the programming committee, etc.).
- Supporting prioritization discussing impacting any aspect of budget or Financial oversight
Ensure financial policies and procedures are adhered to!
- Ensure a financial audit/review is done minimally once a year or when the Treasurer or person responsible for managing the financial records changes.
- Ensure financial books are kept in order, up to date, and are available for review when needed.
- Assist in preparing the annual budget, financial planning, and monthly reporting (actual to plan projected, summary YTD, current year/prior year, detailed monthly reporting)
- Make recommendations to Board regarding financial matters (pros – and cons)
- Ensure taxes are filed appropriately and on time.
- Perform risk assessments and audits of activities that impact the budget and any aspect of financial oversight.
- Partner with other committees (e.g., Development, Programming, Marketing) to ensure alignment of financial interests with mission and vision.
Office Phone: 860-509-3778
eMail: hnxt@hartfordNEXT.org
Mailing Address:
Hartford NEXT, Inc.
P.O. Box 261242
Hartford, CT 06126
By the hospitality of Sheldon Oak Central, Inc.,
Hartford NEXT maintains our office space at 79 Van Block Avenue, Hartford, CT 06106.
Please call or write in advance so we can welcome you appropriately.
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