The role of the finance committee is primarily to provide financial oversight for the Somerset Lake Service Corporation. Typical task areas include budgeting and financial planning, financial reporting, and the creation and monitoring of internal controls and accountability policies.
An outline of responsibilities appears below.
Budgeting and Financial Planning
- Develop an annual operating budget with staff.
- Approve the budget within the finance committee.
- Monitor adherence to the budget.
- Set long-range financial goals along with funding strategies to achieve them.
- Develop multi-year operating budgets that integrate strategic plan objectives and initiatives.
- Present all financial goals and proposals to the board of directors for approval.
Finance Committee Members
Don Sandusky – Chairperson