The Finance Committee carries out the duties described in Pacific Yearly Meeting’s Faith and Practice. These include:
- Connecting with other Meeting committees to help estimate their financial needs
- Assisting the Meeting in formulating a budget each year to meet these aspirations, as well as fixed and emergent expenses
- Working with the Treasurer, assisting her/him as necessary, and clarifying the authorization for various expenditures
- Keeping Meeting informed of the progress of expenditures with respect to the approved Budget
- Communicating decisions of Meeting for Business to the Treasurer as necessary
- Coordinating with the Alice Herman Fund Committee to ensure that expenditures more appropriate for that Fund do not come from the general fund
- Providing ongoing information to Meeting as to whether or not receipts are keeping pace with the budgeted amounts, and periodically encouraging additional donations as required
- Undertaking budget formulation for each year:
- This process starts in the fall, with Finance working with all the other committees to determine the anticipated expenses for the coming year. The Finance Committee may also brainstorm new activities with the other committees, and determine whether innovative approaches will be needed to finance them. As a result, each committee is responsible for developing its input.
- Income must be estimated in addition to expenditures. Previous years’ receipts can be considered, as well as changes in membership numbers, etc.
- Once these data have been gathered, Finance creates a consolidated Budget for presentation to Meeting for Business. This typically occurs in December; assuming concurrence at Meeting, the budget is held over for approval in January.