Committees: Finance

The Finance Committee works to develop an annual budget, monitor the organization’s financial health, ensure adequate financial controls are in place, and ensure the organization files the IRS Form 990 on time and makes it publically available.

Responsibilities:

  • Examines financial issues in detail and reports back to the Board, providing detailed explanation as necessary and making recommendations as appropriate
  • Works with the Executive Director to develop an annual budget and present it to the Board
  • Reviews financial statements at regular intervals and reports on them to the Board; evaluates uniformity to budget
  • Identifies factors contributing to variances from the budget and recommends interventions when needed
  • Drafts long-range financial plans
  • Develops and updates financial policies and procedures
  • Ensures compliance with IRS requirements for 501(c)(3) organizations
  • and helps to educate other Board members on financial topics, such as how to read financial statements or updates to IRS requirements for tax exempt organizations
  • Meets once monthly

Recommended:

  • Finance experience
  • Nonprofit committee, and/or board experience
  • Strong understanding of Wellfit Girls and the needs of the organization

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