Your charter school is a multimillion-dollar business, and financial oversight is a critically important function for your board. The number one reason charter schools fail across the country remains financial mismanagement.
In addition to a Development Committee, having a Finance Committee is essential to ensure the organization has the financial resources to fulfill its mission.
What are the key responsibilities of the Finance Committee?
The Finance Committee is commissioned by and responsible to the board of trustees.
The Financial Committee is responsible for:
- Overseeing and providing accountability over the public assets and resources
- Ensuring compliance with all state and federal regulations
- Working with the CEO to develop and monitoring the organization’s financial health
- Educating the full board to conduct proper oversight of the financial health of the organization
Specifically, it has the responsibility of working with the CEO and the organization’s Chief Financial Officer (CFO) to create the upcoming fiscal year budget, presenting budget recommendations to the board, monitor implementation of the approved budget regularly, recommend proposed budget revisions, and recommending to the board appropriate policies for the management of the organization’s assets.