NERACOOS Finance Committee


Linda Mercer (Treasurer), Maine Department of Marine Resources

Kevin O'Brien, Connecticut Department of Environmental Protection


Finance Committee Terms of Reference

Role
The Finance Committee shall review and monitor all financial statements and transactions of the Association and regularly report to the Board the financial status of the organization, and recommend a budget.

Membership
The Treasurer shall be an ex officio member of the Finance Committee. The Finance Committee shall consist of one or more directors and such other persons as the Board may choose.  The committee shall include members with skills in the disciplines of accounting and capital structure/finance.

Responsibilities
The Finance Committee will be responsible for the following:
  • Maintenance of appropriate financial records
  • Development of an annual budget for approval by the Board and production of status reports to the Board
  • Reception and review of requests for funding new or unbudgeted items from the chief executive and recommend action as appropriate
  • Monitoring and oversight of all expenditures and revenues as they relate to the budget in order to identify emerging financial issues
  • Oversight of an annual audit
  • Timely communication with the Board of accurate accounting information
Meetings
The Finance Committee shall meet at least quarterly with the Chief Executive to review financial statements and ensure proper accounting procedures are followed. The Treasurer shall report all financial information to the Board at each meeting of the Directors.

Decisions
At each meeting of the Finance Committee all questions and business shall be determined by a majority vote of those present, or without a meeting by majority consent in writing.

Communication
The Finance Committee may communicate by telephone, by e-mail, in person, or by any means appropriate for the business at hand.

The Finance Committee shall keep full and complete records of all meetings and actions, which shall be reported to and open to inspection by the public.