Template

Finance committee meeting template

A small group of board members goes deeper into the money than the full board can: results against budget, cash, investments and big spending decisions, with a recommendation for the board.

60 minutesFor Finance committee members, the treasurer or finance director, and the chief executiveAgenda room
Change the agenda first

The agenda, with a time for each part

  1. Results against budget15 min
    • Where are we ahead or behind, and why?
  2. Cash and reserves12 min
    • How many months could we run on what we have?
  3. Investments and borrowing10 min
    • Are investments and loans in line with our policy?
  4. Decisions to recommend15 min
    • What do we recommend the board approves?
  5. What the board needs to hear8 min
    • What goes in our report to the full board?

How the notes read afterwards

A made-up example, so you can see the shape. In a real call each line carries the words that were said and who said them.

Results. Income 4% behind budget; spending 6% behind.

Cash. 7 months of reserves; policy says at least 6.

Recommend. Approve the new phone system ($48k) from reserves.

To the board. Reserves will dip below 6 months in March if the grant is late.

Running it well

Ways to change it

CharityAdd restricted funds — money that can only be spent on a specific purpose.
Budget seasonOne meeting devoted to the next year's draft budget.

When to skip it. If the full board already reviews finance in detail every meeting.

Questions

What does a finance committee do?

It oversees an organisation's finances in more depth than the full board — budgets, results, cash, investments and major spending — and makes recommendations to the board.

How often does a finance committee meet?

Commonly monthly or quarterly, before board meetings.

What is the difference between a finance committee and an audit committee?

The finance committee looks at budgets, cash and spending; the audit committee looks at whether the accounts and controls can be trusted.

What happens in the room

Everybody joins from the link, with no account. The agenda sits beside the call and each item fills in with what was said about it, under the name of the person who said it.

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