Finance Committee

Introduction

            Within an institution’s governance framework, the finance committee holds a pivotal role, charged with the oversight of financial matters and the assurance of fiscal integrity. Tasked with safeguarding assets and fostering fiscal responsibility, the Finance Committee offers strategic direction, scrutiny, and expertise, thereby ensuring the institution’s financial stability and endurance.

Objectives

• To formulate, assess, and endorse the institution’s budget, aligning it with strategic objectives and ensuring prudent resource allocation.
• To contribute to long-term financial strategizing by foreseeing revenue and expenses, identifying potential financial hazards, and recommending mitigative measures.
• To guarantee the accuracy and timeliness of financial reporting by scrutinizing annual financial statements, audits, and reports prepared by the finance department.
• To advise on fund raising endeavors, revenue diversification tactics, and avenues for supplementary income generation in support of the institution’s mission.
• To supervise the establishment and execution of robust internal controls and financial protocols, aimed at asset protection, fraud prevention, and the promotion of ethical financial conduct.

Responsibilities

• Engage in the formulation, evaluation, and endorsement of the institution’s yearly budget, entailing the analysis of financial data, revenue and expense forecasting, and strategic alignment.
• Contribute to the formulation of enduring financial strategies supporting the institution’s mission and goals, involving trend analysis, growth opportunities identification, and risk assessment.
• Review financial documentation such as statements, reports, and audits to ensure compliance, accuracy, and transparency.
• Oversee the institution’s investment strategies and portfolio, optimizing returns while managing associated risks through policy setting, opportunity evaluation, and performance monitoring.
• Develop and propose financial policies, procedures, and guidelines to govern the institution’s financial activities, fostering adherence to best practices.

COMMITTEE MEMBERS