Nonprofit organizations rely on their finance committees to provide oversight, guidance, and strategic financial planning to ensure they remain financially sustainable and accountable to their stakeholders. The finance committee plays a crucial role in managing the organization’s financial health and achieving its mission. Here are the key responsibilities of a nonprofit finance committee:

Financial Oversight

One of the primary responsibilities of a nonprofit finance committee is to provide oversight of the organization’s financial activities. This includes reviewing financial statements, monitoring budget performance, and ensuring compliance with financial policies and regulations. The finance committee plays a critical role in safeguarding the organization’s assets and maintaining transparency in financial matters.

Budget Development and Monitoring

The finance committee is responsible for assisting in the development of the organization’s annual budget. This involves working closely with the executive director and finance staff to establish realistic revenue projections, allocate resources effectively, and prioritize spending based …