General Purpose

The Finance Committee has the responsibility of working with the school administrator, bookkeeper and Treasurer to create the upcoming fiscal year budget; presenting budget recommendations to the Board; monitoring implementation of the approved budget on a regular basis and recommending proposed budget revisions; recommending to the Board appropriate policies for the management of the charter school's assets. The finance committee shall be assisted by the school administrator and Treasurer and be responsible for providing guidance and support on facility and technology needs. Committee to meet monthly.

Appointments and Composition

Appointments of the Chair and members of the Board Finance Committee shall be made annually by vote of the Board in accordance with the by-laws.

• Committee shall consist of the Board Treasurer, as well as finance board member & facilities board member, the bookkeeper and school administrator.
• Committee shall select a secretary to complete agendas and record meeting minutes. All agendas and minutes shall be made available on the Arco Iris webpage.
• Additional committee members may be appointed and need not be members of the Board of Directors.

All committee members must complete annual board training, a background check, and annual conflict of interest questionnaire.

Responsibilities

• Reviews fiscal and risk operations. 
• Prepare an annual budget for the organization in collaboration with the school administrator and bookkeeper.
• Develop and annually revise a five-year financial forecast and develop long-range financial plans based on that forecast.
• Arrange for an annual audit to be provided to the Board of Directors.
• Provide oversight of the procurement process.
• Review monthly financial statements and variances from budget, and recommend action to the Board, as appropriate.
• Create specific measurable board-level goals for the year as part of the full board planning process.
• Develop and implement a board-level training program to ensure that all Directors (especially those without a financial background) can be effective stewards of the organization’s financial resources.
• Report to the Board of Directors at regular meetings of the Board in a manner determined by the Board.
• Annually evaluate its work as a committee and the objectives it has committed itself to and report on same to the Board of Directors.