Finance Committee - 1996 Annual Report ====================================== Submitted by Jeff Bossert, NCF Treasurer and Board member Mandate: The NCF Finance Committee's mandate is as follows: 1. To provide the NCF Board with an annual financial plan in the form of a budget that is consistent with the NCF's strategy, as approved by the Board. 2. To review the financial status of the NCF on a monthly basis and provide financial statements to the Board. 3. To advise the NCF's Board and staff on the feasibility and financial risks associated with new proposals, initiatives and staffing issues. 4. To prepare, negotiate and manage financial aspects of staff contracts, including remuneration. 5. To safeguard the NCF's assets through the acquisition and renewal of the necessary insurance policies. 6. To safeguard the NCF's finances through the institution and management of procedures for the handling of NCF finances by NCF staff and volunteers. Members: The NCF Finance Committee is composed of the following individuals: Jeff Bossert, Treasurer, Director and Chair of Committee Lisa Donnelly, Executive Director Rudy Wytenburg, Accountant Jean Wilmot, Past Treasurer, Director Processes: The NCF Finance Committee meets periodically as necessary to review major financial issues and regularly communicates using the NCF's e-mail and the telephone. 1996 Activities: The NCF Finance Committee's primary activities during 1996 were as follows: 1. Support of the conduct of the annual audit of the NCF's financial statements. 2. Guidance in the hiring and management of the staff. 3. Renewal of the NCF's Director's Liability Insurance. 4. Preparation and presentation of the NCF's financial statements on a monthly basis to the NCF Board. 5. Preparation and presentation of financial forecasts as requested by the NCF Board. 6. Preparation and presentation of the 1996 Draft and Final Budgets to the NCF Board. Suggestions for 1997: The NCF Finance Committee will carefully monitor the NCF's financal position as the membership renewals program is implemented, and will make recommendations for fundraising or cost-cutting as appropriate.