1. Composition of the Financial Committee.
The Financial Committee shall be composed of the Warranted Seneschal and their deputies and the Warranted Exchequer and their deputies. If there are an even number of people, then an additional person shall be appointed in order to ensure that a majority vote will occur. That person shall be a Great Officer of the Shire, and therefore a paid member of the SCA.
2. Terms of Financial Committee.
- The primary responsibilities of the Financial Committee are setting their branch financial policy and approving all financial activities (budgets, event budgets and non-budgeted expenditures). An annual budget for all officers will be set during this meeting based on feedback received from the previous business meeting.
- Any committee members may, but are not required, to be signatories on the bank account, as long as they are a paid SCA member.
- The Financial Committee acts as a form of checks and balances to the Exchequer.
- The Exchequer will chair the committee and be responsible for facilitating all meetings. The exchequer‘s role is to review actions to determine whether it is allowable according to policy or law. Once a determination is made that the proposed action is allowable, the financial committee decides, as a team, whether it is desirable to pursue the action. Just because the action is allowable does not mean that it is desirable or necessary. It is up to the Financial Committee to make that determination.
3. Timeframes and methods for meetings.
The Financial Committee shall meet at least once a year to set the budget for the following year and to adjust any policies of the Financial Committee. This meeting may occur in person, virtually, or as a combination of the two. This meeting will occur between the 3rd Quarter and 4th Quarter business meeting, between October 1st and December 31st.
4. Timeframes and methods for action approval under normal circumstances.
As unplanned or high cost expenses pop up throughout the year, the Financial Committee may call a vote during any of the quarterly business meetings. If this occurs, the Financial Committee may also be called into session during a quarterly business meeting to vote on the proposed purchase. The Financial Committee may open up the vote to the consensus of those in attendance at the meeting if they choose to do so. If an officer has an item that they wish to purchase, they will contact the Financial Committee via email at least 30 days prior to the business meeting to be placed on the agenda.
5. Timeframes and methods for meeting and approval in emergencies.
If an emergency meeting must be called, members of the Financial Committee will be given at least a week’s notice if possible. This meeting may occur either in person, virtually, or both. At least one representative of the Exchequer’s office and at least one member of the Seneschal’s office must be present, as well as an additional member of the committee.
6. Reporting Schedule for Branch Transparency
- During this meeting, the Exchequer will review the Shire’s finances for the End of the Year Report. The Exchequer will report out the current financial standings of the shire during the Business meeting that follows the annual meeting of the Financial Committee. If the Exchequer is unavailable to attend said business meeting, then they may appoint a designee to do so. The report will include the official minutes of the annual Financial Committee meeting.
- The Financial Committee will also check to make sure that all parties have been reimbursed for any purchases made throughout the year. If they have not been, the Exchequer will have 30 days to get the affairs in order and make sure we go into the next fiscal year without any encumbered obligations. The Exchequer must maintain a balance sheet that reflects both encumbered and unencumbered monies.
- Reporting requirements for branch reports Reports should include the following documents
i. Financial activity such as a journal or ledger,
ii. A current list of variances in effect,
iii. Bank statements for all accounts for the quarter.
7. Timeframes and methods for review and revision of the financial policy.
When a revision to the financial policy is proposed, the revised draft must be submitted to the Financial Committee at least 30 days before the planned meeting of the committee. The Financial Committee may also be called into session during a quarterly business meeting to vote on the new policy. The proposed policy must still be submitted for review 30 days before the next meeting. This should be added to the official agenda of said meeting.