# Finance Committee Charter

## FINANCE COMMITTEE CHARTER

*Last updated Jan 25, 2026*

## I. PURPOSE

The Finance Committee (the “Committee”) is a standing committee of the Board of Directors (the “Board”) of the Silicon Valley Gay Men’s Chorus (“SVGMC”). The primary purpose of the Committee is to ensure the organization's long-term financial sustainability by providing oversight of financial planning, budgeting, and financial reporting. The Committee shall ensure that SVGMC maintains accurate financial records and follows sound internal controls to protect charitable assets.

## II. COMPOSITION

The Committee shall consist of at least three (3) members. The Treasurer shall serve as the Chair of the Committee. At least two members of the Committee must be current Directors. The Board may appoint non-Board members with financial expertise to serve on the Committee. All members shall serve at the pleasure of the Board for a term of one (1) year, which may be renewed.

## III. MEETINGS

The Committee shall meet at least monthly, or more frequently as needed to fulfill its responsibilities. Meetings may be held in person or via electronic platform. A majority of the Committee members shall constitute a quorum.

The Committee Chair shall establish the agenda and ensure minutes are kept for all proceedings. The Committee shall submit a report of its activities and recommendations to the Board prior to each regular Board meeting.

## IV. DUTIES AND RESPONSIBILITIES

The Committee’s primary duties and responsibilities include:

### 1. Budgeting and Financial Planning

* Oversee the construction of the annual operating budget and recommend it to the Board for approval.
* Monitor actual revenue and expenses against the budget throughout the year.
* Develop long-range financial plans (e.g. three-year projections) and reserves policies (e.g., a "Rainy Day" fund).

### 2. Financial Reporting and Oversight

* Review monthly financial statements (Statement of Financial Position, Statement of Activity, Budget vs. Actuals).
* Ensure all required tax filings (IRS Form 990, CA RRF-1, FTB 199) are completed accurately and on time.
* Present a clear financial summary at each regular Board meeting.

### 3. Internal Controls and Risk Management

* Establish and monitor "Internal Controls" to prevent fraud or error (e.g., requiring two signatures on large checks, multiple attesting witnesses when transporting cash).
* Ensure the Segregation of Duties: The person who records the income should not be the same person who signs the checks.
* Periodically review the organization’s insurance coverage (D\&O, General Liability).

### 4. Audit Oversight (if applicable)

* If SVGMC revenue exceeds $2 million (requiring a CA audit) or at the Board’s discretion, the Committee shall oversee the selection and work of an independent auditor.

## V. AUTHORITY

The Committee serves in an advisory capacity to the Board. It has the authority to request any financial records or documents from the Treasurer or staff. The Committee may not authorize expenditures outside the Board-approved budget without express Board approval.

## VI. ANNUAL REVIEW

The Committee shall review this Charter annually and recommend any changes to the Board.


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