The Finance Committee shall oversee the financial operations of the Corporation.
The Committee will:
- Review financial procedures and policies annually and make recommendations to the board for change as needed;
- Review with the Director the assumptions made in the annual budget and request information as appropriate;
- Coordinate activities with other committees as needed when those activities may impact budget projections or planning, for example changes in benefits or personnel;
- Prepare with staff assistance, the annual operating budget and present to the Board for consideration following the time frame in the “Perpetual Calendar” and by the Town of Scarborough;
- Make recommendations to the board for adjustments to the budget as needed within a fiscal year;
- Represent the Board at all workshops and meetings with the town as requested during budget deliberations or at other times when financial discussions may occur;
- Arrange for the annual independent review of the corporation’s internal controls, financial records and reports;
- Review the annual audit report and address any comments made by auditors;
- Provide the Board with information and education regarding its fiduciary responsibilities;
- Select a representative from the Committee to serve on the Investment Committee;
- Review insurance coverage for adequacy.
Appropriate skills and characteristics for Finance Committee
- At least three Trustees one of whom shall be the Treasurer.
- Those with a background in accounting, banking or business.
- The Library Director will be the staff liaison and will facilitate communication with the bookkeeper and auditor.
April 10, 2003