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Finance Committee

 

Mission Statement

  • To review and provide guidance to the Board of Directors for all financial activities of the WDS.
  • Regularly review the revenues and expenditures, balance sheet, investments and other matters related to its continued solvency of the WDS.
  • Oversee and provide guidance and director for the budgeting process. This includes understanding and providing information on the full operating costs of each program, and understand of cost and revenue change over time.
  • Approve the annual budget and submit it to the full Board for approval.
  • Assess the internal control processes and procedures, including an up-to-date manual detailing procedures, to protect the assets of WDS and provide for efficient operation.
  • Ensure that management adheres to good management practices, current accounting guidelines, and complies with board policy.
  • Review fundraising policies and procedure, and ensure compliance with internal and external guidelines and regulations.
  • Ensure that organizational funds are accounted for correctly and spent appropriate, i.e. Legacy funds, restricted funds, time-limited funds, indirect and operational costs.
  • Coordinating with the Audit Committee, develop guidelines for an internal audit strategy, and oversee the internal audit control structure.
  • Ensure that the board acts on the reports of the external auditor.
  • Develop an investment and sustainability strategy.
  • Provide mechanisms for effective communication of financial matters to the full board using appropriate communication methodology.
FINANCE