Finance Committee

The Finance Committee advises the Board on all financial policies and strategies. This committee reviews and recommends the annual budget to the board, monitors regular financial reporting, monitors the organization’s investments and insurance policies and makes recommendations to the Board as to whether to approve such investments and insurance policies, and recommends significant financial policies for the Board’s approval.  The Committee is established in the Bylaws as a standing Committee of the Corporation with a purely advisory function. 

Committee Responsibilities:  

• Annually reviews and recommends a budget for the board’s approval 

• Provides prudent oversight of the organization’s investments, ensuring investments align with all organizational policies and makes recommendations to the Board regarding the approval of changes to investments, as necessary, to achieve the goals of the organization’s Investment Policy Statement 

• Monitors the organization’s insurance coverage to ensure adequate risk management 

• Monitors the organization’s 403B and makes recommendations to the Board to ensure the funds offered meet the criteria outlined by the board 

• Periodically reviews and recommends updates to organizational financial policies 

• Makes recommendations to the Board regarding the selection of investment and 403B brokers as needed to achieve the organization's financial goals 

Committee Membership:   

The Finance Committee is comprised of both current board members and member volunteers who have overseen and managed organizational budgets and investments. Members serve a two-year term, commencing in September of each year. 

Meeting Schedule:  

The Finance Committee meets two times a year in June and November.   

To inquire about serving on the Finance Committee, contact Stephanie Boarden at sboarden@philanthropynewyork.org