Finance Committee Charter

Purpose:
The Finance Committee assists the Board of Directors (Board) with oversight of the following areas:

1) The protection of the organization’s assets;
2) The review and tentative approval of the annual budget, pending final approval from the Board;
3) The review and tentative approval of the financial statements, pending final approval from the Board;
4) The review of the investment strategy, in order to determine if there is a need to make future directional modifications; and
5) The review of internal financial controls, with a particular focus on the adequacy of the documentation, in accordance with all applicable regulations and accepted practice standards.

Duties and Responsibilities:
1) Critically review, at least quarterly, the financial status of DIA;
2) At least annually, in concert with the Audit Committee, review the auditor’s report;
3) Discuss with the Executive Committee, Board, and management, the year-to-date financial results and, when appropriate, all quarterly reforecast of the financial performance;
4) Ensure that proper processes and procedures are in place and being followed to assure sound financial reporting and the protection of the organization’s assets;
5) Review and tentatively approve the annual operating and capital budgets, pending final approval from the Board.
6) Appropriately monitor expenditures and report any transgressions or unusual trends to the Board;
7) Conduct a quarterly review of the performance of the investment portfolio and at least annually, assuming no unusual events that would trigger more frequent interventions, provide guidance as to the investment strategy and policies of DIA;
8) Chairperson shall report at each Board of Director meeting.

Authority: 
Subject to Board approval, the committee is given authority to investigate any matter or activity involving accounting and financial reporting, as well as DIA’s internal controls.  In addition, with Board approval, the committee will have access to external professionals to render advice and counsel when necessary.

Membership: 
The Finance Committee shall be composed of at least six members.  The Treasurer is Chairperson.  The Executive Director and DIA finance director shall be standing members of the Committee.  Three members shall be members of the Board, appointed by the President, with approval by the Board.  The President may appoint members from outside the Board of Directors, subject to approval of the Board. Members of the Finance Committee are not eligible to serve on the Audit, Compensation, or Philanthropy Committees simultaneously

Meetings:
The Committee shall meet as many times as necessary to accomplish its objectives and will conduct face-to-face meetings or teleconferences as appropriate to fulfill its obligations.  The Chair will assign and ensure that there will be an accurate recording of minutes of each meeting that are available to the Board of Directors.  A majority of member attendance whether face to face or by teleconference for these meetings will constitute a quorum.