Budget & Financial Review Committee
The role of the budget and finance review committee is primarily to provide financial oversight for the Great Awakening International. Typical task areas include budgeting and financial planning, financial reporting, and the creation and monitoring of internal controls and accountability policies. An outline of responsibilities appears below.
Budgeting and Financial Planning
- Develop an annual operating budget.
- Approve all budgets amongst all teams, committees, forums, and ministries.
- Monitor adherence to the budget.
- Set long-range financial goals along with funding strategies to achieve them.
- Develop multi-year operating budgets that integrate strategic plan objectives and initiatives.
- Present all financial goals and proposals to the Executive Council for approval.
- Fully engage in an annualized budgeting process in cooperation with the Guardians and Executive Council.
In addition to developing an annual budget, the committee should also set long-term financial goals. These goals might include, for example, the creation of a working capital or cash reserve fund and the creation of a fund for maintaining or replacing equipment.
The Budget and Financial Review Committee will determine the financial implications of the plan and will plot them into a multi-year organizational budget that will financially support the implementation of the strategies.
- Develop useful and readable report formats.
- Develop a list of desired reports noting the level of detail, frequency, deadlines, and recipients of these reports.
- Work with the Executive Council to understand the implications of the reports.
- Present the financial reports to the Executive Council.
- Require all teams, councils, committees, forums, and ministries to provide highly contextual reports clearly communicating the entities’ financial and cash position, its adherence to the budget, its allocation of resources toward the accomplishment of its mission, and its support of any donor-imposed restrictions on contributions. Having a predetermined list of reporting expectations permits staff to allocate enough time to produce accurate, high quality reports and not be caught off guard by ad hoc requests. In addition, these reports should help to focus the Executive Council’s discussion about expected outcomes and potential strategies for overcoming setbacks or changes in the financial environment.
Internal Controls and Accountability Policies
- · Create, approve, and update (as necessary) policies that help ensure the assets of the Great Awakening are protected.
- · Ensure policies and procedures for financial transactions are documented in a manual, and the manual is reviewed annually, and updated as necessary.
- · Ensure approved financial policies and procedures are being followed.
- · Although the Executive Council carries fiduciary responsibility for the Great Awakening, the finance committee serves a leadership role in this area, making sure appropriate internal control procedures for all financial transactions are documented in a manual and followed. The committee should also play a role in determining and updating bank account signatories as well as overseeing all legal and governmental filing deadlines are met.
This Committee is also charged with ensuring compliance and/or developing other policies that further serve to protect the Great Awakening and manage its exposure to risk. These include establishing policies surrounding:
- Personnel policies
- Executive compensation packages (in the absence of a separate human resources committee)
- Long-term contracts or leases
- Internet use and computer security
- Capital purchases
- Disposition of donated stock
- Insurance requirements and reviews
- Record retention
- Gift acceptance
The responsibilities of the Budget and Finance Review Committee will be expanded to include the Risk Management division, and an internal auditing function that will be created to ensure increased fiscal accountability among all entities in the Great Awakening.
The B&FR Committee Chair will be appointed by Dr. Kenneth Howard and Ronald Dalton Jr. All potential B&FR Committee Members must be recommended by Dr. Kenneth Howard and Ron Dalton Jr. and thoroughly vetted and approved by the B&FR Committee Chair and his/her Team