Keith Barnhart, WFA

Functions of a Unit Finance Committee

Primary Roles

Provide management and oversight of unit funds

Use financial resources prudently to successfully accomplish CAP’s missions

Protect CAP assets Establish a positive tone at the

top

Stewardship of CAP’s Resources and Assets

• CAPR 1-1 para 3a: All members shall strive for effective accounting/reporting systems, internal controls, and take measures to ensure subordinate staff members are competent to perform their duties. All CAP members, especially commanders at all levels, will act in a fiduciary capacity toward the organization and its members.

Areas of Responsibility

• Ensure the unit is in compliance with all financial, regulatory and reporting requirements

• Budgeting• Financial planning• Financial reporting• Risk Management• Establish and monitor internal

controls

Budgeting and Financial Planning

• Develop an annual balanced operating budget with input from the unit staff

• Approve the budget• Send the budget to the wing director of finance by 1

October of each year• Monitor actual to budget amounts at least quarterly--

revise if necessary to maintain a balanced budget• Set financial goals and establish funding mechanisms

to achieve them

Reporting

• Review financial reports monthly• Reconcile the unit cash report

quarterly• Ensure that CAP required financial

reports are filed timely• Report known or suspected fraud or

irregularities to wing headquarters or NHQ

CAP Required Financial Reports

Report Due

Send revised budget report to wing

Quarterly

Raffles Before the first sale of any ticket

Grant Reporting As Necessary

CAPF 174-1: Unit Contributed Facility Worksheet

1 November each year

CAPF 171: Unit Commander’s Financial Disclosure Statement

1 November each year

Risk Management

Risk Management

• What is the chance it will happen?

• What will be the impact on the unit?

• What can be done to reduce the risk?

• Is the reduced risk acceptable?

General Internal Controls

• Create, approve and update procedures to help ensure assets are protected

• Ensure that procedures are followed

• Establish separation of duties

CAPR 173-1 Finance Committee Requirements

Establish in writing a list of authorized approvers and their signatures

Meet at least once per quarter and maintain finance committee meeting minutes in writing

Approve all expenditures in excess of $500

Conduct fundraising activities IAW CAPR 173-4 as approved by the wing commander