Purpose
The purpose of the Finance Committee is to ensure year-to-year and long-term fiscal soundness for FCMS. The Finance Committee is solely an advisory body and in no event will exercise any of the powers of the Board.
Composition
The Finance Committee shall consist of:
- The FCMS Head of School
- The Treasurer of the FCMS Board of Directors
- Up to one other Director, as appointed by the Board
- Up to two unrelated parents or legal guardians of students currently enrolled at the school who are appointed to the Committee by majority action of the current Committee members.
Responsibilities
Finance Committee responsibilities include the following specific responsibilities and other similar responsibilities, including those that may be conferred on the Committee by the Board:
- Assist the treasurer and administration in their efforts to keep accurate accounts of all monies of FCMS, received or disbursed;
- Review the deposit of all monies, electronic fund transfers, drafts and checks;
- Assist administration in the care and custody of the corporate funds and securities;
- Review the monthly bank statements;
- Review the policies and procedures of administration related to the power to endorse for deposit all notes, checks and drafts received by FCMS;
- Review the proper procedures related to vouchers therefore;
- Report to the Board President and the Board of Directors, at the monthly Board meetings and on other occasions as needed, an account of the financial condition of FCMS, including:
- A report on actual expenditures compared to the annual budget;
- A balance sheet, and
- A report of financial transactions as compiled by the school Administration.
- Ensure satisfactory completion of each year’s audit.