2023-2024
FINANCE COMMITTEE
These are frequently asked questions, and we hope you will find the answers to them helpful!
What is the purpose of the Finance Committee?
Answer:
The matter of finance is one of great magnitude to the Department and Units. It is of utmost importance that proper internal controls are designed to ensure correct handling of the funds. Careful oversight must be implemented and maintained. The purpose of the Finance Committee is to be assure good stewardship of all monies entrusted to them. The Finance Committee oversees the administration, collection, and disbursement of the financial resources of the Department. This is also true at the Unit and District levels.
To have a successful organization, the Finance Committee must ensure that the Department has the funds to operate month to month.
Where does the Department get its operational funds?
Answer:
Primarily from Member Dues. As our membership declines, so does the Department income. Citations also contribute to income. If a Unit does not pay its Citation requirements, the Department loses a portion of its income.
What are Restricted Funds and how are those managed?
Answer:
Funds designated for a specific program. Example: VA&R, Poppy donations, Scholarship funds, Restricted funds must each be carried as separate items in the books, and as such the funds are restricted to use for that purpose only.
Reminder:
Please send a copy of your unit’s 990 to the Finance Chair and Department Secretary/Treasurer each year.
All levels of the Auxiliary must have good accounting practices and have the books audited at least once a year. The Treasurer should be present to answer any questions that might arise.
We are here to help you. If you have questions, please contact one of the following Finance Committee.
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