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Keith Barnhart, WFA

Functions of a Unit Finance Committee. Keith Barnhart, WFA. Primary Roles. Provide management and oversight of unit funds Use financial resources prudently to successfully accomplish CAP’s missions Protect CAP assets Establish a positive tone at the top.

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Keith Barnhart, WFA

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  1. Functions of a Unit Finance Committee Keith Barnhart, WFA

  2. Primary Roles • Provide management and oversight of unit funds • Use financial resources prudently to successfully accomplish CAP’s missions • Protect CAP assets • Establish a positive tone at the top

  3. Stewardship of CAP’s Resources and Assets • CAPR 1-1 para 3a: All members shall strive for effective accounting/reporting systems, internal controls, and take measures to ensure subordinate staff members are competent to perform their duties. All CAP members, especially commanders at all levels, will act in a fiduciary capacity toward the organization and its members.

  4. Areas of Responsibility • Ensure the unit is in compliance with all financial, regulatory and reporting requirements • Budgeting • Financial planning • Financial reporting • Risk Management • Establish and monitor internal controls

  5. Budgeting and Financial Planning • Develop an annual balanced operating budget with input from the unit staff • Approve the budget • Send the budget to the wing director of finance by 1 October of each year • Monitor actual to budget amounts at least quarterly--revise if necessary to maintain a balanced budget • Set financial goals and establish funding mechanisms to achieve them

  6. Reporting • Review financial reports monthly • Reconcile the unit cash report quarterly • Ensure that CAP required financial reports are filed timely • Report known or suspected fraud or irregularities to wing headquarters or NHQ

  7. CAP Required Financial Reports

  8. Risk Management

  9. Risk Management • What is the chance it will happen? • What will be the impact on the unit? • What can be done to reduce the risk? • Is the reduced risk acceptable?

  10. General Internal Controls • Create, approve and update procedures to help ensure assets are protected • Ensure that procedures are followed • Establish separation of duties

  11. CAPR 173-1 Finance Committee Requirements • Establish in writing a list of authorized approvers and their signatures • Meet at least once per quarter and maintain finance committee meeting minutes in writing • Approve all expenditures in excess of $500 • Conduct fundraising activities IAW CAPR 173-4 as approved by the wing commander

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