Budget and Finance Committee Description

 

 Budget and Finance Committee Description 
(BFC)

 

PACT Charter

 Date created:  
Approved By:  
Date Approved: Year Reviewed:
  BFC 20161027 2018-2019
Board 20180802

 

PRIMARY OBJECTIVE

Provide oversight of the finances for PACT Charter School

  1.     Ensure high integrity
  2.     Ensure professional accounting practices are followed
  3.     Ensure effective communications related to financial matters
  4.     Provide substantive oversight of the school’s finances, financial policies, and adherence to approved budget.
  5.     Ensure the prudent use of school funds.
  6.     Provide relevant information and guidance to the School Board on financial matters.

 

MEMBERSHIP CRITERIA

  1. This is an elected committee due to the sensitive and confidential nature of the subject matter and the need to interact with most of the other committees of PACT Charter School.
  2. Membership is up to nine (9) members consisting of six (6) elected parents, Business Accounts Specialist, Financial Manager representative,  the Board Treasurer and the Executive Director. Voting members include the elected parents. The Executive Director, Business Accounts Specialist, Financial Manager representative, and Board Treasurer are non-voting members and serve as advisors to the BFC.
  3. Parent members are elected to overlapping two year terms through public elections.
  4. A parent member may be removed for non-attendance of three or more consecutive meetings.
  5. The Board may appoint members if vacancies occur.
  6. A quorum shall consist of a simple majority of over 50% of voting members.  The meeting will be held whether a quorum is reached or not to ensure the work of the school is continued
  7. The chairperson, and vice chairperson should be elected by their committee annually, at the first meeting after elections.
  8. The chairperson or vice-chairperson should collaborate with administration on setting the agenda.
  9. The Business Accounts Specialist representative shall ensure that essential meetings are held if there is no functioning chairperson or vice-chairperson. If there are no essential needs, there will be no meeting.

 

DUTIES AND RESPONSIBILITIES

Committee as a whole (specific tasks may be delegated internally by committee action)

  1. Works with other school committees to help develop their budgets and consolidates those budgets into an overall financial recommendation to the board (see 314 - Annual Budget Process Policy).
  2. Reviews monthly income and expense reports and other financial reports prepared by Financial Manager and identifies discrepancies.
  3. Reviews Claims and Journal Entry (JE) Authorization of expenditures prepared by the accounting agent, identifying any discrepancies
  4. Reviews the annual independent audit report and identifies any action items.
  5. Works with the HR Specialist and the Board to adjust or modify budget requirements for staff salary packages, including benefits, when required for the offering of contracts.
  6. Reviews and approves competitive bids, large expenditures, and contracts (see 305 - Spending Authorization Policy).
  7. Reviews available monthly bank reconciliation of PACT Charter School bank accounts, including checking, savings, flex plan, and line of credit, identifying any discrepancies.
  8. Review required contracts and bids that meet the criteria as defined by the 305 - Spending Authorization Policy. Substantive oversight requires the BFC to evaluate contracts and bids to determine if contracts and bids are a prudent use of school finances.
  9. Provide School Board with recommendations regarding contracts, bids, school budget and other relevant financial matters.
  10. Reviews and updates policies and procedures

Board Treasurer

  1. Serves as a legal officer of PACT Charter School, a Minnesota Corporation.
  2. Serves as an official signatory for binding contractual documents such as lease agreements, banknotes, and audit documents.
  3. Participates in the presentation of quarterly summary financial reports to the Board of PACT Charter School.
  4. Provides oversight in the development of the annual budget, and participates in the presentation of the budget to the Board (see 314 - Annual Budget Process Policy).
  5. Participates as required in the negotiation of building and property lease agreements and other contractual obligations.
  6. Serves as a resource to the Board and to the BFC for questions regarding financial and budget matters of PACT Charter School.
  7. Acts as liaison with staff, Administration, and the Board.