The Finance Committee is commissioned by and responsible to the Board of Directors. It has the responsibility for working with the Principal and Business Manager to create the upcoming fiscal year budget, presenting budget recommendations to the Board, monitoring implementation of the approved budget on a regular basis, and recommending proposed budget revisions, recommending to the Board appropriate policies for the management of the charter school’s assets. The Finance Committee is assisted by the Principal and Business Manager.
The members of the Finance Committee include the Board Treasurer who serves as chair, the Principal, Business Manager and additional committee members appointed by the Board Treasurer.
- Prepare an annual budget for the charter school in collaboration with the Principal and Business Manager.
- Also in collaboration with the Principal and Business Manager, develop and annually revise a five-year financial forecast and develop long-range financial plans based on the forecast.
- Arrange for an annual audit to be provided to the Board of Directors.
- Provide oversight of the procurement process.
- Review monthly financial statements and variances from the budget and recommend action to the Board as appropriate.
- Create specific measurable board-level goals for the year as part of the full board planning process.
- Develop and implement a board-level training program to ensure that all Board of Directors can be effective stewards of the school’s financial resources.
- Report to the Board of Directors at regular meetings of the Board.
- Annually evaluate its work as a committee and the objectives it has committed itself to and report on same to the Board of Directors.