The Finance Committee is commissioned by and responsible to the LCS Board of Directors. It has the responsibility for working with the Board Treasurer to create the upcoming fiscal year budget; present budget recommendations to the Board; monitor implementation of the approved budget on a regular basis and recommend proposed budget revisions; recommend to the Board appropriate policies for the management of the charter school's assets. The Finance Committee shall be assisted by the school’s Chief Financial Officer (CFO).
The members of the Finance Committee include the Board Treasurer who serves as chair, the Principal, the CFO, and additional committee members appointed by the Board Treasurer.
- Assist and advise in preparing an annual budget for the charter school in collaboration with the charter school Principal and CFO.
- Also in collaboration with the charter school Principal and CFO, develop and annually revise a five-year financial forecast and develop long-range financial plans based on the forecast.
- Review all non-budgeted expenditures over $10,000.00 and inform the board.
- Annually submit objectives as part of the planning and budgeting process.
- Annually evaluate its work as a committee and the objectives it has committed itself to and report results on same to the board of directors.
- Arrange for an annual audit with submission of the same to the board.
- Submit to the Board of Directors monthly written reports of the financial results for the most recent current period, year-to-date activity and projected year-end expenditures.
- Annually review operational procedures and processes.