• Committee Name:Finance Committee
  • Description:

    Controls finances and charged with following responsibilities.  The Finance Committee 

    • Work with the DGE to prepare a zero-based preliminary operational budget proposal defining all anticipated revenues and expenses during the following Rotary year and proposed per-capita dues as deemed necessary.  
    • Approve budget and per capita dues and then present its recommendation to DLA for adoption. 
    • Determine policies and procedures to govern disbursement of funds, including any extraordinary disbursements in excess of budget. 
    • Recommends Treasurer and Assistant Treasurer to be elected at DLA
    • Reviews  audit of finances. 
    • Reviews all fund investments 
    7.1   Composition of committee - Finance committee membership shall be: 
    • DG   
    • DGE 
    • DGN (non-voting)
    • DGNd (non-voting)
    • One PDG   
    • Two members-at-large  
    • Treasurer 
    • Assistant Treasurer 
    • Immediate Past District Governor as ex-Offico 
    The DGN and DGNd fully participate in all committee activities except each is non-voting.   At-large members and PDG shall each serve a three-year term, with terms to be staggered.  At-large members shall not have been DGs, but must have served as club president. 
    7.2   Audit committee will conduct review of financial records and statements prepared by Treasurer and report findings to finance committee within 60 days of end of fiscal year. 
    7.3   Audit committee shall consist of at least three members (all active Rotarians in good standing) with two being PDG and another Rotarian with audit experience. DGE will recommend members for three-year staggered terms, with approval by DLA. 
    • Audit of funds - Because financial report to IRS must be filed each year on or before 15 November of prior calendar year, all bills from previous Rotary year must be submitted to Treasurer within 30 days after the close of year. Treasurer prepares an annual financial statement and report, including income and expenditures with supporting documents (bank statements, certificates of deposit, etc.) and submits statement and report to audit committee. Audit committee reviews Treasurer's reports and statements and issues report of findings to DG and finance committee.  Finance committee reviews report of findings and financial statement and then recommends appropriate action. 
    7.4   DG must provide annual financial statement, which must have been independently reviewed, to each club within 3 months after end of DG's year in office – RI Bylaws Sec 16.060.4  
    7.5  District Conference Financial Results.  The District Finance Committee shall receive a full accounting of the District Conference from the District Governor by June 1 of the current fiscal year. 
    If the District Conference concludes with a surplus, the District Governor will recommend use of the surplus to the District Finance Committee Chair.  The District Governor and the District Finance Committee will agree on how the surplus is to be disbursed, considering the following factors: 
    • Contributions to The Rotary Foundation, 
    • Investment in District-wide projects,
    • Replenishment of District financial position
    • Intent of District Conference Sponsors 
    A District Conference Reserve Fund shall be maintained in the District accounts in case of unforeseen shortfalls, unanticipated program opportunities, and unpredicted circumstances.  If the District Conference concludes with a deficit, the District Governor may request use of the
    District Conference Reserve Fund from the District Finance Committee Chair.   The District Finance Committee will act on the District Governor’s request by June 1 of the current fiscal year.   
  • Committee Members:Composition of committee

    Finance committee membership shall be:

    DGE (non-voting)
    DGN (non-voting)
    Two PDGs
    Two members-at-large
    Assistant Treasurer
    Immediate Past District Governor in ex-Officio capacity

    At-large members and PDGs shall each serve three-year term, with terms to be staggered.

    At-large members shall not have been DGs. but must have served as club president.

    DGE shall appoint chair and vice chair of committee.