Budget & Finance Committee
Budget & Finance
Purpose: The purpose of the FONE Budget & Finance Committee is to plan, design and provide fiduciary oversight to the overall financial soundness/operations in support of the mission, vision, values and strategic goals of FONE. The Committee will ensure good stewardship of all operational and foundation funds of the organizations and provide a financial plan annually that is approved by the Board.
Operations: The Chairperson for the Budget & Finance Committee is the Treasurer of the Board of Directors. The Treasurer shall assume responsibility for the financial affairs of FONE and submit written report at all regular meetings of the Board of Directors of FONE.
RESPONSIBILITIES: Committee responsibilities include:
- Review and recommendation for approval by the full board of all organizational expenditures.
- Development of an annual budget for FONE that is brought to the Board during the Fall meeting for approval and adoption for the next year.
- Fiscal oversight of all revenues (including sponsorship or other donations ) and expenses (including all bank and credit card statements, expense reimbursement, deposits and all tax-filings and tax returns).
- Ensure that FONE federal taxes are submitted in a timely manner and report tax information to the Board.
MEETING FREQUENCY: Monthly 1 hour conference calls during scholarship review season.
MEMBERSHIP: Committee members may be selected by the Treasurer along the President or the President’s designee.