Finance Committee

Committee Charge

The Finance Committee shall prepare and supervise the operation of the Annual Budget, oversee the preparation for the Annual Audit, keep accurate records of all financial transactions.  The Treasurer shall serve as the Chair of the Finance Committee.

The Finance Committee is hereby charged with the following duties: 

• Working with the Executive Director, develop an operational budget for the fiscal year based on the needs of the Association in order to carry out the Mission, Vision and Core Values; 
• Review the existing fee structure for the Business Partners and discuss any recommended changes with the Executive Committee; 
• Review the Association’s financial statements and summary of expenses and determine if any changes are needed prior to fiscal year-end; 
• Review and approve the monthly expenditures of the Association; 
• Review the monthly Bank Reconciliation and Summary; and 
• Review the end-of-year reports and oversee the preparation of the annual financials of the Association and the Foundation. 

Chair: In accordance with the Bylaws, the Chair of the Finance Committee shall be the Treasurer, Frederick A. Watson from SUNY Orange County Community College. 

Meetings: Meetings shall take place as necessary and as convened by the Chair in order to meet the deadlines stated in the Charge. 

Quorum: Pursuant to the Association’s By-Laws, a majority of the membership of any committee of the corporation shall constitute a quorum for the transaction of business.  

Minutes: Minutes for each meeting, whether in-person or conference call, shall be taken by the Executive Director, or in her absence, by a member of the Committee. Draft minutes shall be disseminated to the Committee Members within a reasonable timeframe. Minutes of each meeting shall be approved by the Committee Members at the next meeting date. 

Budget: All costs and expenses to be incurred by the Finance Committee must receive prior approval from the Chair of the Association. Such request shall be put in writing and emailed to the Chair and the Executive Director prior to being expended.

Committee Members

Frederick A. Watson (Chair), SUNY Orange County Community College

Dr. LeRoy Mitchell, Westchester Community College, Chair