FINANCIAL RESPONSIBILITIES OF THE LWVUS/LWVEF EXECUTIVE COMMITTEE
It is the responsibility of the executive committee to oversee the League's finances and assets, including the allocation of its total resources, and to determine how to assist the board in its fiduciary responsibilities.
Members of the committee should have a clear understanding of the mission, goals, and respective roles of the committee and the Chief Financial Officer; skills and experience in the areas of financial management, communication, and planning; and integrity, good judgement, and adherence to sound financial principles.
- The committee is responsible for periodically reviewing the organization's financial reports, for ascertaining that adequate and appropriate internal controls are in place, and for approving unbudgeted fund transfers or transfers that occur in time frames different from those projected.
- The committee is responsible for the selection of a firm to conduct the annual audit, for review of the audit and accompanying management letter, and for recommending acceptance of the audit to the board.
- The committee is responsible for retaining one or more investment counselors to assume management of the funds and assets of the organization and for periodically reviewing asset allocations, diversification, performance and strategies.
- The committee is responsible for conveying appropriate financial information to the board and for making recommendations to the board on policy matters and issues related to the financial management of the organization.
- The committee is responsible for providing assistance and support to the Chief Financial Officer in the development of long-range plans for managing and safeguarding organizational funds in an optimal manner.
July Conference call with investment counselor.
August Review end-of-year financial reports, including balance sheet, comparison of actual to budget, balances in the unrestricted and various restricted accounts.
October Meet with auditor. Review first quarter financial reports. Determine allocations between short- and long-term cash and invested unrestricted and temporarily restricted assets.
January Select auditor (if contract is up for renewal). Review second quarter financial reports. Meet with investment counselor to assess performance and strategies. Review pooled income fund year-end report.
April Review third quarter financial reports
LWVUS Board Responsibilities