Keith Barnhart, WFA Functions of a Wing Finance Committee.
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Transcript of Keith Barnhart, WFA Functions of a Wing Finance Committee.
Keith Barnhart, WFA
Functions of a Wing Finance Committee
Primary Roles
Provide management and oversight of wing and 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 wing is in compliance with all financial, regulatory and reporting requirements
• Budgeting• Financial planning• Financial reporting• Risk Management• Establish and monitor internal controls• Assist and supervise subordinate units
Budgeting and Financial Planning
• Develop an annual balanced operating budget with input from the wing staff
• Determine budget levels (referred to as a “class” in QuickBooks®): by entire wing, by department, by activities, etc.
• Approve the budget• Ensure the budget is entered into QuickBooks® 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• Determine what and how much
detail should be in the reports • Actual transaction postings should
match the budgeted categories and classes: establish procedures so the WA knows where each transaction should be classed
• Review wing financial reports monthly
• Ensure that CAP required financial reports are filed timely
• Report known or suspected fraud or irregularities to NHQ
CAP Required Financial Reports
Report DueUnit Cash Report Monthly to UnitsUnit Budget to Actual Report Quarterly to UnitsFixed Asset Purchases As NecessaryRaffles Before the first sale of any
ticketGrant Reporting As NecessaryCAPF 174-1: Unit Contributed Facility Worksheet
1 November each year
CAPF 171: Unit Commander’s Financial Disclosure Statement
1 November each year
Information for 1099s Each January
Risk Management
Risk Management
• What is the chance it will happen?
• What will be the impact on the wing?
• 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 Procedures
Meet at least once per quarter and maintain finance committee meeting minutes in writing
Complete quarterly Internal Financial Reviews within 45 days after the quarter
Review and evaluate the most recent Internal Financial Review--document corrective actions in the finance committee meeting minutes
Approve all expenditures in excess of $1,500 through Sertifi
Approve all credit card statements using Sertifi
CAPR 173-1 Finance Committee Procedures
Ensure bank account signatures are current
Review and sign bank reconciliations Authorize transfers of funds between
accounts Authorize and approve business
meals and entertainment expenses Determine if deactivated unit funds
are to be held at wing HQ or transferred to another unit