Finance Committee

Commission

The FINANCE COMMITTEE is a Standing Committee authorized by the Bylaws and is herein commissioned by and responsible to the Board of Directors of La Leche League International for advising on matters pertaining to the financial operation of LLLI, including management of all monies, budgeting, insurance, properties, liability, securities, payroll, and other financial contracts and investments.

Appointments and Members

The Finance Committee shall be composed of at least five members. Members shall include the Treasurer, at least one other Board member, the Executive Director, and three to five members from other parts of LLL to ensure thorough oversight of LLLI financial matters. The Chair of the Finance Committee shall be appointed by the Board Chair/co-Chairs with Board approval. The Treasurer shall either be the chair of the Finance Committee or an ex-officio member of the committee.

The Chair of the committee shall select committee members in consultation with, and with approval of the Board Chair/co-Chair and the Treasurer, if the Treasurer is not the Committee Chair.

Additionally, the Board Chair/co-Chair is/are ex officio member(s) of the Committee, but is/are not counted as part of the minimum number of members required to make up the committee.

The Committee Chair and members will be re-evaluated annually.

Duties

This Committee

  • Collaborates on budget preparation with the Executive Director and LLLI Treasurer
  • Reviews the cost-sharing formula (entity affiliation fees) annually with the Executive Director
  • Reviews monthly financial reports received from the management team
  • Reports monthly to the Board on financial operation
  • Assesses current financial operations compared to the approved budget
  • Submits an annual list of financial objectives
  • Evaluates recommendations concerning new projects
  • Provides effective communication and assistance to related Committees.

(Sep 82; rev Oct 89, Oct 00, Nov 13, Mar 19, Oct 20)