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Committees

Finance

COMPOSITION
The composition of the GMCA Finance Committee shall be as noted below:
Chairperson:              Treasurer
Vice Chair:                  Secretary
Members:                   Vice President and
                                     Member at Large (appointed by Chair)
Ex Officio:                   Business Manager
 
PURPOSE
The Finance Committee shall serve as the financial advisory committee to the Board of Directors.  The Finance Committee Chair or Vice Chair shall, along with the Business Manager present the annual budget to the Board, review monthly reports, review the audited financial statements and report to the Board of Director any areas of concerns.
 
DUTIES/RESPONSIBILITIES:
  1. Preparation and Adoption – The Finance Committee and Business Manager shall prepare the budget. All budget requests shall be compiled into a total “line item” budget by the Finance Committee/Business Manager for review and distribution to the GMCA Board of Directors prior to fall business meeting. (August). 
  1. The budget shall be adopted by the GMCA Board of Directors prior to the Business Meeting in September.  The Finance Committee and Business Manager will provide the general membership with a copy of the Budget at the Business Meeting in September. 
  1. Preparation of the annual operating budget will begin at the Planning Retreat in March and be presented to the Board of Directors for review and adoption no later than August 31st
  1. Finance Committee Chair, Board of Directors, and all Committee Chairs shall submit to the Business Manager all budget requests no later than July 31st
  1. All current expenditures shall be financed with current revenues. GMCA shall avoid budgetary procedures that balance current expenditures through the obligation of future resources. 
  1. In accordance with State Law, the annual budget shall be balanced.  Total anticipated revenues shall equal total anticipated expenditures.  The annual budget shall be adopted on a basis of accounting consistent with generally accepted accounting principles. 
  1. GMCA may include in the budget a line item for contingency to be used for unforeseen emergencies. 
  1. Maintenance and Administration – The Treasurer and the GMCA Business Manager shall authorize all normal and regular expenditures as budgeted.  In the absence of the Treasurer, the President can grant approval of expenditures.  Expenditures outside the adopted budget in excess of $1,000 will require an approved budget amendment by the Finance Committee. 
  1. No expenses will be incurred until the Business Manager has been advised that their funding request has been approved. 
    Deadlines:
     
    July:                             Identify and submit budget justification requested (if any) necessary to accomplish the Committee’s goals and objectives to the Business Manager.  All requests will be reviewed by the Finance Committee no later than July 31st
     
    August:                        Proposed budget will be presented to the Finance Committee in mid- August for review and recommendation to the Board of Directors.  A conference call between the Finance Committee and the Board of Directors will be held no later than August 31st for the purpose to review and discuss for proposed changes.
     
    Prior to the September GMCA Board Meeting, the Business Manager shall post to the GMCA web site and in the monthly newsletter the proposed budget. 
     
    September:                 The GMCA Board of Directors shall adopt a balanced budget at the September GMCA Board Meeting. Once approved by the Board of Directors the annual adopted budget shall govern the financial affairs of the Association.