Finance Committee<< Back to CommitteesResponsible for budget preparation and financial reports for Board review. Financial Guide:
- Fiscal Year - the fiscal year for CBFANC begins on July 1st and concludes on June 30th. This provides new Board members five months to become familiar with the operations prior to voting on a new Budget. It also allows adequate time for accounting of major activities.
- Budget - the Treasurer will provide comments on any variances that occurred during the year, such as paying prior year expenses or carrying over budgeted amounts, or other unusual or one-time approved items. The Budget must be approved by Board vote.
- Categories - All income or expenses are identified by a Posting or General Ledger code to define a category. The budget establishes a dollar amount for each category and sometimes with very specific allocation of funds. There can be re-allocation of funds between categories with Board consent and without a vote or amendment to the budget. A vote by the Board will be required whenever an expenditure will exceed the approved budget.
- Committees, per se, do not have a budget but have been given general Board approval to spend up to $500 in a fiscal year without prior Board approval provided there are funds budgeted for that category of expenditure, e.g., travel.
- Provide monthly review of the association's income and expenses, including the preparation of a monthly Financial Report.
- Provide monthly oversight of the Secretariat's handling of receipts and disbursements, with review of bank accounts and Credit Card usage being properly accounted for.
- Provide evaluation of the association's actual operation in relation to approved budget.
- Provide assistance with the development of the annual budget for Board approval.
- Work with the Secretariat on assembling required data and reports for the CPA to prepare the annual tax returns and filings.
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