Finance Committee

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Last Updated on 3 years by IMYM Tech Lead

Revised (04/18/18)

Purpose

The Finance Committee oversees the finances of the Yearly Meeting. The Committee prepares a draft annual budget for presentation to the Representatives Committee. It also keeps the officers of IMYM updated on Meeting finances through regular quarterly reports and other communications as needed. The Finance Committee has the responsibility to prepare and present a report of the current state of the finances at the annual session.

Members

The Finance Committee Clerk, Liaison for Facilities, the Treasurer the retiring Treasurer, the IMYM Presiding Clerk, the Representatives Committee Clerk, and the Arrangements Committee Clerk, plus one representative from Senior Young Friends and one representative from each Regional Meeting.

Terms

Three years for members and Clerk, except one year for Senior Young Friends representative and the retiring Treasurer.

Responsibilities of the Committee include:

  1. Advise the Treasurer, Representatives Committee, and the Yearly Meeting on the budget and the condition of IMYM funds. Members should familiarize themselves with Treasurer’s Guide, Second Edition published by Philadelphia Yearly Meeting.
  2. Prepare a draft budget for the upcoming fiscal year (beginning October 1) for presentation to the Representatives Committee’s winter meeting. The preparation of this proposal should take into account the current state of IMYM finances and include expenditures, income projections, a 10 Year projection and recommendations.
  3. As requested by Yearly Meeting, establish and use a standard format for income and expense statements, a cash and funds report, and a balance sheet (as provided by the Treasurer).  Oversee banking arrangements and accounts. Signatories on these accounts, by current IMYM practice, are the Presiding Clerk, Finance Committee Clerk, and the Treasurer.
  4. Provide oversight of the facility contract and ensure appropriate documentation of contract activity.
  5. Oversee insurance policies for IMYM.
  6. Recommend to Representatives Committee a housing rate structure and registration fees for the annual session.
  7. Arrange for an annual review (internal audit) of Yearly Meeting financial records.

Financial Arrangements

Incidental operating expenditures for clerical supplies, communications, etc. may be submitted (normally by the committee clerk) to the Treasurer for reimbursement. The Treasurer should be consulted before incurring unusual expenses.