The Finance Committee is responsible for all financial matters pertaining to the festival. This committee is headed by the Festival Treasurer. The following is a partial list of Finance Committee duties:
€ Works with
section chairs to determine their financial requirements
€ Opens and maintains
festival bank accounts
€ Sets up
festival’s accounting system
€ Prepares
festival budgets
€ Maintains
records of all financial transactions
€ Sets up
expenditure approval system
€ Sets up
banking system and oversees daily banking
€ Prepares
monthly financial reports for the Board of Directors
€ Negotiates,
if required, overdraft facilities or loans.
€ Treasurer is
the CFO (Chief Financial Officer) of the festival
€ Usually one
of the signing officers of the festival
€ Helps set up
audit committee and provides any financial information requires by the audit
committee
€ Prepares the
final festival financial report for the Board
€ Treasurer
has final approval of all expenditure (In conjunction with Board of Directors
guidelines)
€ Carries out
all financial directions of Board of Directors
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