Finance Committee

      Joe Benedetto, Chair     joebenedetto@rds-virginia.com

Finance Committee Structure and Member Responsibilities:

Purpose: To facilitate and oversee effective financial planning, budgeting, and protocols to ensure a financially stable organization with sufficient controls, oversight and reporting, and stakeholder input on investment opportunities to provide long term savings and financial stability for the VRA.

Finance Committee Members: The committee members shall include the Treasurer, Executive Director, and up to 4 members at large with experience and interest in financial aspects of non-profit organization management.

Term of service on Committee: Committee serves at the pleasure of the President. Treasurer is to serve on the Finance Committee for duration of his/her term. Other committee members are encouraged to commit to a minimum of one year, but preferably for two-year terms to provide more stability to this important function.

Committee Organization: Committee shall have a chairperson. Chairperson shall be appointed by the President and approved by Treasurer. Chairperson may be either a non-executive board member with proper experience and desire or the Treasurer himself or herself. Term of Chairperson should be a minimum of two years. A Vice Chair position shall be appointed from one of the committee members or Treasurer and should also serve for a two-year term, renewable if deemed appropriate by the VRA Board of Directors (Board). Any VRA member in good standing may serve on the Finance Committee, but must have a signed duty of care and confidentiality statement on file before they can participate in Finance Committee meetings.  

Annual Objectives of Committee:

  1. Propose fiscal budget for approval by the Board. Budget shall be proposed in third quarter of current calendar year for the upcoming calendar year in accordance with the Budgeting Process requirements herein.  Executive Director shall submit a draft budget for the Finance Committee to review by September 30 of each year. Finance Committee reviews, modifies (as needed) and recommends budget to Board for approval by Dec. 1 of each year. Board approves/disapproves by Dec. 31 of each year.
  2. Review, amend, and enforce financial protocols and policies for the association.
  3. The Treasurer shall provide monthly financial statements to the Finance Committee no later than the 15th of each month. Finance Committee will meet via conference call every month and as part of the call, review finances monthly.
  4. Review of Reserve funds status of the VRA twice per year. Committee shall conduct an annual review of alternative investment mechanisms for Reserve Funds, or more frequently if unusual economic conditions warrant
  5. The committee will solicit input from the board of additional initiative (i.e. Endowments, Scholarship Funds, etc.) desired and recommend appropriate investment mechanisms for integration into the budget
  6. The Finance committee will participate in the decision making process for renewal of the Executive Director’s Contract prior to submission to the board for approval.   

 

Investment Policy

Purpose of the VRA Investment Policy:

The VRA Investment Policy is designed to provide guidance for the investment of VRA funds and to ensure appropriate VRA Board oversight and compliance. The goals of the VRA Investment Policy are to (1) provide liquidity, (2) preserve principal, and (3) maximize returns. Given that these funds are primarily of a fiduciary nature, conservative investment will be practiced at all times. 

 Reporting of Financial Statements

Every 3rd year a full audit shall be performed beginning in 2018. Interim years shall consist of an accounting review of compilation as deemed appropriate by the Finance Committee. The Finance Committee shall have the authority to select the firm that provides the annual audit, compilation, and/or review for VRA. All audits reports shall be forwarded to the Executive Director and Board for review.