Purpose: The purpose of the Finance Committee is to support Friends of Webster Trails Board in fulfilling its responsibility to oversee the Agency’s financial strategy and performance and related matters.

Membership: The chair of the Committee is the Treasurer.  In addition to the chair, the Committee shall consist of at least three (3) Governors, including the President, Vice President, Secretary and others as designated by President.

Structure and Operations: The Committee’s meetings shall be conducted in-person. When necessary, the Committee may meet by video or telephonic conference call. Participation by such means shall constitute presence at the meeting.

The Committee shall keep and approve written minutes of all meetings and actions taken and shall provide such minutes to the Board. The Committee may also make regular reports to the Board with respect to its activities and significant matters addressed.

A majority of the members of the Committee shall constitute a quorum.

Duties and Responsibilities: The Finance Committee shall have the following specific duties and responsibilities:

• Monitor financial performance of the Organization, including quarterly review of financial statements and review of financial performance, compliance with any covenants, and a preliminary and final review of the annual financial statements including associated tax returns and review or audit requirements;
• On a rotational basis, conduct a “deeper dive” into revenue and expenses (Scout Projects, Trail Projects, Re tree, major Initiatives);
• Oversee the long-range financial plan and annual operating and capital budgets for recommendation for approval to Board;
• Provide regular reports to the Board concerning financial performance, trends and opportunities; and
• Conduct an annual assessment of the Committee’s activities to membership.