Finance Committee Member

Family and Youth Initiative, Inc. in Washington, D.C. (FYI/DCFYI) is a nonprofit organization that connects teens in foster care and young adults who aged out of foster care with adults who become their support community and develop long-lasting, reliable relationships. Our mission is to ensure that program participants have adults to rely on long-term for advice, guidance, affection, and a sense of belonging. The Board's Finance Committee has an essential role in ensuring that the Board meets its fiduciary and financial obligations for sustaining the organization.

Financial Committee members include Board members and non-Board member volunteers. Committee meetings are virtual. Members do not need to reside in the Washington, D.C. area.

Responsibilities of the volunteer Finance Committee:

• Ensures that complete, accurate financial records are maintained and monitors those reports
• Reviews annual budget and recommends approval to full Board of Directors (Board)
• Communicates organization's financial status to the full Board and makes sure the full Board understands the financial picture
• Ensures compliance with local, state and federal regulations governing nonprofit financial reporting
• Protects organization's financial assets and makes sure that any investments are wisely managed

Meetings:

Meetings are held at least quarterly on a schedule determined by the members of the committee. Since the Finance Committee makes recommendations about the organization's budgeting and financial health, it may meet more frequently when the budget is being prepared and reviewed.

The committee submits reports to the Board for its bi-monthly meetings (6x/year).