OBJECTIVE:
To monitor the financial planning, record keeping, and reporting of the Dallas CPA Society (DCPAS). This committee will receive direction from and report to the Treasurer.

RESPONSIBILITIES AND ACTIVITIES:

• The budget shall be presented to the Board of Directors by the Treasurer at its first meeting of each fiscal year for consideration and approval.
• Continually review the budget and advise the Treasurer whether modifications of the budget are required for the remaining months of the fiscal year.
• Review and approve all significant written budget modifications and variances presented by committee chairs of the DCPAS.
• Review and approve monthly financial statements prior to presentation to the Board of Directors at their regular meetings.
• Under the direction of the Treasurer, recommend to the Board of Directors the format of the financial statements, which should include a comparison of actual amounts to year-to-date budgets.
• Inquire into variations from the budget on a retrospective and prospective basis and discuss such variations with the Treasurer, Chair, and Board of Directors.
• Review monthly the financial statements to verify that they are presented on an accrual basis in accordance with Generally Accepted Accounting Principles (GAAP).
• Review and approve the annual capital budget, which is prepared and submitted by the Executive Director.
• Review and recommend changes, as necessary from time to time, to the accounting policies and procedures.
• Develop leadership skills of committee members in order to have smooth leadership transition from year-to-year.
• Annually review the committee's charge and recommend modifications to its objectives as necessary to accomplish the goals of the DCPAS Strategic Plan.
• Make recommendations for changes, as needed, to the Board of Directors on the DCPAS' investment strategy, as is outlined in the DCPAS TSCPA Investment Policy and DCPAS TSCPA Investment Guidelines and Objectives.
• Facilitate the quarterly review meeting with the investment manager.
• Members of the Finance Committee are: Past Chair of the Board of Directors, Chair-Elect, Past Treasurer, Treasurer, 2 appointed DCPAS members, and Treasurer-Elect, who is chair of the committee. The Treasurer appoints the 2 DCPAS members for his or her term as Treasurer.