Finance Committee Charter

Responsibilities

The finance committee is responsible for the financial well being of the cooperative. The specific tasks include:

• Paying datacenter bills. Currently they auto-pay so this only involves record keeping.
• Checking non-standard invoices we receive from our vendors to ensure they’re warranted and we should pay them. Contesting the charge if they aren’t through support tickets or emails with the vendor.
• Paying City, State and Federal taxes
• Paying annual ARIN fees
• Updating recurring payments when our debit cards change numbers or expire

Collecting Revenue

• Dealing with members who don’t pay their bills
• Pursuing members who’s autobill credit cards stop working
• Resolving tickets in the finance ticket queue
• Dealing with billing complaints/issues or contested invoices from members that stem from Freshbooks invoices or reminders
• Issuing invoices for members with bandwidth overages or who request services directly from the datacenter and incur costs

Producing Reports

• End-of-fiscal-year accounting (Fiscal Year ends June 30th) (w/ accountant)
• Prepare financial statements
• Review financials
• Reconcile financials (basic bookkeeping)

Authority and Limitations

The Administrative & Legal Committee is authorized to develop policies and procedures for meeting its functional responsibilities, and delegating tasks among its members. The decisions, policies, and procedures of the committee may be overturned by majority vote of the board or a super-majority vote of the membership at large.

The chair of the committee is authorized to act as an agent of the cooperative, with respect to legal and administrative vendors, when acting within the good faith, authorization, and knowledge of the board of directors.