keith barnhart, wfa
Post on 31-Dec-2015
15 Views
Preview:
DESCRIPTION
TRANSCRIPT
Keith Barnhart, WFA
Functions of a Unit Finance Committee
Primary Roles
Provide management and oversight of unit funds
Use financial resources prudently to successfully accomplish CAP’s missions
Protect CAP assets Establish a positive tone at the
top
Stewardship of CAP’s Resources and Assets
• CAPR 1-1 para 3a: All members shall strive for effective accounting/reporting systems, internal controls, and take measures to ensure subordinate staff members are competent to perform their duties. All CAP members, especially commanders at all levels, will act in a fiduciary capacity toward the organization and its members.
Areas of Responsibility
• Ensure the unit is in compliance with all financial, regulatory and reporting requirements
• Budgeting• Financial planning• Financial reporting• Risk Management• Establish and monitor internal
controls
Budgeting and Financial Planning
• Develop an annual balanced operating budget with input from the unit staff
• Approve the budget• Send the budget to the wing director of finance by 1
October of each year• Monitor actual to budget amounts at least quarterly--
revise if necessary to maintain a balanced budget• Set financial goals and establish funding mechanisms
to achieve them
Reporting
• Review financial reports monthly• Reconcile the unit cash report
quarterly• Ensure that CAP required financial
reports are filed timely• Report known or suspected fraud or
irregularities to wing headquarters or NHQ
CAP Required Financial Reports
Report Due
Send revised budget report to wing
Quarterly
Raffles Before the first sale of any ticket
Grant Reporting As Necessary
CAPF 174-1: Unit Contributed Facility Worksheet
1 November each year
CAPF 171: Unit Commander’s Financial Disclosure Statement
1 November each year
Risk Management
Risk Management
• What is the chance it will happen?
• What will be the impact on the unit?
• What can be done to reduce the risk?
• Is the reduced risk acceptable?
General Internal Controls
• Create, approve and update procedures to help ensure assets are protected
• Ensure that procedures are followed
• Establish separation of duties
CAPR 173-1 Finance Committee Requirements
Establish in writing a list of authorized approvers and their signatures
Meet at least once per quarter and maintain finance committee meeting minutes in writing
Approve all expenditures in excess of $500
Conduct fundraising activities IAW CAPR 173-4 as approved by the wing commander
top related