Chapters fall meeting season is here with some of our chapters hosting their meetings starting as early as September. We know you have spent much of your summer planning and prepping for everything that needs to happen before your members step foot into the conference room. Most chapters will hold their board, membership, or business meetings prior to their educational meetings as well. This is also an ideal time for your chapter's finance committee to meet face-to-face. As many of you know, chapters are required to have a finance committee as part of the rebate requirements. This is required as it adds another layer of transparency and oversight to your chapter financial management and best practices. Below are some tips on how to make best use of your finance committee.
Committee Composition – As stated in the volunteer handbook, the committee should consist of, at a minimum, two board members and two non-board members. Ideally, your non-board members have experience with financial and/or budget management. The president-elect shall determine membership of this committee.
Committee Responsibilities – The finance committee is responsible for overseeing the financial activities of the chapter. They should review banking/financial statements, proposed budgets, and all other financial reports to ensure the chapter is practicing sound financial management and following chapter policies and procedures.
Meeting Frequency – The finance committee should meet quarterly to discuss regular business or as needed if an issue arises. Like any other board or committee meeting, minutes should be recorded and distributed to committee members as well as the board of directors. Also like the chapter board or committees, a quorum (2/3 of the committee) must be present in order to approve motions or take action. Consider using UberConference or FreeConferenceCall for the times when the committee is not able to meet face-to-face.