Finance Committee

Finance Committee

The Finance Committee meets monthly from September through June. It monitors the handling of moneys and the accounting system used by the Treasurer (recording and reporting of all receipts, expenditures, funds on hand, deposits in checking and savings accounts, and investments). All Committee members must be members of the Meeting. The Treasurer is an ex-officio member of the Committee but is not its clerk. On a quarterly basis, the Treasurer reports to Meeting for Business on the status of the budget.

“Funds” are book records of moneys to be used for various purposes. No attempt is made to keep them separated in the various bank and investment accounts. Contributions from members and attenders go into the General Fund and are used for operating expenses and activities of the Meeting as designated by the annual operating budget. Designated funds have specific purposes and are administered by specific committees. That portion of any designated fund that is considered endowment cannot be spent.

On its own initiative, or on request, the Committee makes recommendations to the Meeting concerning the condition of the General Fund, the need for increased giving by the membership, or the rate of expenditure for various purposes. The Committee may appeal directly to the membership for contributions as it sees fit. From time to time the Committee may evaluate the long-range financial needs of the Meeting and report any concerns to the Meeting for Business.

Beginning in December, the Committee solicits budget requests from all committees for the upcoming fiscal year that begins June 1. At the March Meeting for Business the Committee presents a preliminary operating budget proposal that anticipates the needs for expenditures as expressed by the various committees. The Committee presents a final budget proposal for approval at the April Meeting for Business.

As soon as the Treasurer completes the fiscal year’s accounting, the Committee asks the Meeting’s appointed auditors to look at the records. When the auditors are satisfied that the records agree with Meeting policies, they report to Monthly Meeting for Business.