Finance Committee

THE PURPOSE OF THE FINANCE COMMITTEE

The Finance Committee has a number of established financial policies and procedures; however, the main goal is to assist the Board of Directors in fulfilling its responsibilities by advising the Board, and in certain instances by acting on behalf of the Board, on matters relating to AVA’s finance, accounting, and investment policies. The Finance Committee has established the financial policies and procedures herein to ensure:

1. The Board, respective committees and the administrative staff of AVA understand their financial fiduciary responsibilities;
2. AVA administration is informed with respect to the expected frequency of financial reporting and analysis and the amount of detail required by the Board;
3. All financial dealings including, but not limited to, cash management, contractual dealings and fundraising operations of or related to AVA operate through the Charter School’s administration;
4. Assets are protected and managed properly;
5. Appropriate forecasting and budgeting of financial needs;
6. Maintenance of accurate records of AVA’s financial activities; and
7. Compliance with federal, state, and local legal and reporting requirements.

The Finance Committee is comprised of a Chairperson, who is the Treasurer of the Board, as well as a minimum of two additional members, each of whom are free of any relationship that would interfere with the exercise of his or her independent judgment as a member of the Committee. Committee members are required to have creditable finance or accounting backgrounds and their appointments to the Financial Committee are subject to background checks and an application review processes by the Board Treasurer and/or Committee Chairperson. 

 

The Finance Committee is responsible for maintaining and, as appropriate, updating the financial policies herein, subject to final approval by the Board. Exceptions to written policies may only be made with the prior approval of the Finance Committee and the Board.Changes or amendments to these policies may be approved by the Board at any time. A complete review of the policies shall be conducted every two years and any revisions hereto must be approved by the Board at that time.

 

The current version of AVA’s Finance Committee Policies will be published on AVA’s website. When revisions are made to these policies, updates will be posted to the website within 5 business days of Board approval. Every Board member and every Principal with financial related responsibility is expected to be familiar with and operate within the parameters of these policies and guidelines.