Math and Science Academy :: Finance Committee

Finance Committee

Committee Purpose: The purpose of the Finance Committee is to oversee the school's budget, to address financial issues, and to ensure the flow of financial information. The Finance Committee has the responsibility for working with the Director and the Contracted Financial Manager to create the upcoming fiscal year budget for the school, present budget recommendations to the BOD, monitor implementation of the approved budget on a regular basis, and recommend proposed budget revisions. It also oversee's the Annual Fundraising Sub-Committee.

Committee Leadership: Chair, who is the BOD Treasurer.

Works with/gets information from: MSA's Contracted Financial Manager to discuss potential budget revisions and keep an open dialogue about such revisions, along with all other financial information. Also works with the Director, BOD, and MSA administrative staff regarding financial issues and the flow of financial information.

People on the committee: The BOD Treasurer serves as Chair; others on the committee include the Director, Contracted Financial Manager, and any other interested individuals including other BOD members, teachers, parents, or students.

Meetings -when/how often held: Mondays/Monthly. Meetings are usually held one week prior to the BOD meeting. Additional meetings may be needed during the annual budget planning period.

Chair's responsibilities: The Chair needs to plan, run, and report the findings of the committee.

Committee members’ responsibilities: Members need to attend meetings and volunteer for specific tasks as needed. Committee members need to:

Prepare an annual budget for the school;
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 provide to the BOD;
Provide oversight of the procurement process;
Review monthly financial statements and variances from the budget, and recommend action to the BOD, as appropriate;
Develop and implement BOD level training to ensure that all BOD members can be effective stewards of the school’s financial resources.

Finance Committee

Committee Notes:

Board of Directors

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