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The purpose of the Finance Committee (the Committee) is to assist the Board of Directors in fulfilling its oversight responsibilities with respect to the monitoring and oversight of the Corporations financial resources, including its capital management, recovery and resolution planning processes, and asset/liability
They review and monitor financial statements, bank reconciliations, insurance policies, reserves, and investments to ensure the numbers are correct and align with the budget. Clear reports make it easy for the board to understand where the community stands from a financial point of view.
Under the rules of the 113th Congress, the Financial Services Committees jurisdiction includes: Banks and banking, including deposit insurance and Federal monetary policy. Economic stabilization, defense production, renegotiation, and control of the price of commodities, rents, and services.
A Finance Committee gives the board control over the finances of the organization, and is the tool by which it exercises fiscal responsibility. To protect the organization from legal challenges and liability.
Common responsibilities of Finance Committees include: Overseeing the financial dealings of the organization in this capacity, the committee might: Be familiar with, approve, and review periodically the organizations annual budget. Make sure funds are being expended ing to funders requirements.
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A budget committee is an official group that creates and oversees the standards and best practices to implement and update an organizations spending and resource allocation plans while maintaining fiscal responsibility.

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