Finance Committee

Function

The chief function of the Finance Committee is to develop and monitor the implementation of the chapter's fiscal policies and operations. They also are to work with the Treasurer is establishing budgets, the dues structure, room and board costs and in updating chapter fiscal policies. To accomplish their function, they will need to meet as needed. At a minimum, they should meet a few times each semester, especially towards the end of each semester to review budget adherence and make decisions for the next semester. The committee will provide the chapter with financial checks & balances and the treasurer with some resources & support to help him accomplish his responsibilities.

The committee chairman should be the treasurer. Members of the committee should include one representative from each class year and the Financial Advisor from the Board of Governors. The president and vice president should be ex-officio, non-voting members of the Finance Committee. An associate member should be permitted to attend meetings so he can better understand the chapter finances and communicate ideas to his associate class.

Responsibilities

  1. Assist in the development of the chapter's annual budget.
  2. Review the chapter's financial summaries (i.e. outstanding accounts receivable and payable, cash balance, dollar amount of income and expense to date in relation to the amount budgeted for each area of operation) on a quarterly basis.
  3. Serve as an interim board in reviewing financially delinquent members prior to Board of Governors action.
  4. Develop fiscal policies identifying the financial responsibilities of the members and the chapter's standard operating procedures with respect to finances.
  5. Research competitor's (other fraternities and dorms.) fee structure (i.e. room rent, board charges, dues, etc.) and make appropriate recommendations.
  6. Review proposals for major expenditures after securing written proposals.
  7. Make recommendations to the Resident Council regarding overall chapter fiscal operations (i.e. room rent, board charge, dues, fund raising projects and cost cutting measures, etc.), in conjunction with Board of Governors/House Corporation approval.
  8. Help enforce the collections of penalties for delinquencies, and fines for non-attendance at meetings.
  9. To investigate and recommend occupancy of vacancies in the chapter house.

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