Finance Committee

Purpose:

To monitor the current year budget and to develop and propose to the Board a budget for the next fiscal year;
To prepare, update and monitor long-range financial plans for the school;
To oversee, from a policy and planning perspective, business operations of the school;
To assist the administration in the implementation of development/institutional advancement programs and efforts.

Responsibilities:

To monitor and report to the Board on the status of the current fiscal year budget (monthly, quarterly and annual report) (actual versus projected);
To formulate with the president or principal a proposed budget for the upcoming fiscal year. This budget is based on recommendations from all Board committees;
To recommend to the Board (and its Policy/Planning Committee) financial policy that ensures sound and consistent financial management and just salaries, fair tuition increases and payment plans;
To oversee the school’s endowment, including policies for endowment growth, management and distribution of proceeds;
To formulate with the school administration (and the Policy/Planning Committee) policy concerning the business affairs and activities of the school, including such areas of concern as:
- Bookstore
- Cafeteria
- Transportation
- Outside contractors
- Purchasing
- Insurance
- Rental agreements
- Contracts;
To work with the school administration, development office and business office to ensure publication of a comprehensive annual report;
To advise and assist the administration in the design and preparation of a comprehensive development/institutional advancement plan;
To serve in a leadership role with the administration and the Board in the implementation of the annual fund drive;
To assist the administration and the Board in the implementation of alumni and alumni parent events and activities;
To participate in, and provide leadership for, programs of annual and planned giving and periodic capital campaigns;
To participate in the identification and solicitation of major donor prospects;
To report periodically to the Board on development/institutional advancement activities;
To recommend to the Board (and its Policy/Planning Committee) policies in the area of development/institutional advancement;
To support the school’s Development Director.