Finance Committee Responsibilities

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

  • ƒAt 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