The Finance Committee is established as a standing committee of the Board, with responsibility for work as detailed below:

1. Purpose:
   1. Review Management Statements
   2. Review Unaudited and Audited Schedules
   3. Review Financial Statements (Quarterly (3) and Year End) of the Division
   4. Review the Surplus/Deficit reports of the Division
   5. Develop and Monitor the Budget Assumptions of the Board (see Appendix L)
   6. Review and recommend budgets for the Division’s operations from the Committee to the Board as a whole
2. Powers and Duties
   1. Review reports and plans, and report quarterly and annual information to the Board
   2. Recommend funding levels in each of the areas to the Board
3. Membership
   1. Minimum of three (3) Trustees
   2. Secretary Treasurer
4. Meetings
   1. Called in a timely manner by the Committee Chair or Administration to meet the needs for reporting.  Tentatively, one meeting in each of October/November, January, March/April, and May.
5. Audit Committee
   1. In the event that external audit committee members cannot be secured, then membership of the Audit Committee folds/defaults to the Finance Committee, which then assumes the mandate of the Audit Committee.