The finance committee has been mandated to find innovative means of financing the activities of the Association and attending to the needs of its members.
The Finance Committee will provide financial analysis, advice, and oversight of the association’s financials.
The Finance Committee’s responsibilities are:
- to provide financial reports in a timely manner
- detailing the financial position to include but not limited to-
- Financial Statements( profit and loss)
- Statement of Balances
- Cash Flows and Budgetary Expenses in an effort to ensure the association is meeting its objectives, to maintain its Operating Profits, and sustaining same through donations and various fundraising activities
- Management of its fixed deposits and assets with a view to maximize the income\interest earned.
Objectives of the Finance Committee
- Collaborates, Monitors, and engages All various activities to secure funding of the association through the Committees
- Provides general guidance, Risk assessment, and Analyses on Projects
- Monitors membership database
- Encourages effective and improved stakeholder relationships
- Establishes an accounting framework
- Ensures that accurate and complete financial records are maintained.
- Monitors income and expenditure against projections.
- Review and recommend financial policies to the Association, including ensuring adequate internal controls and maintaining financial records in accordance with standard accounting practices.
- Develops a system to safeguard the association assets