Budget and Finance Committee

Revised 7-1-21

Composition:    5 district officers plus 2 additional members

Term:    Officers, for term of office.  Additional members, 2 year terms – alternating years

Qualifications:    By present or past office as shown in “Mix”

Mix:    Immediate past district governor, district governor; district governor-elect (chair); district governor nominee; district treasurer. 2 additional members selected by Nominating Committee and to be voted upon at annual meeting.

Chairperson:    District Governor-elect

Duties:
   
1.    This committee shall prepare a budget of district expenditures.   This proposal must include a recap of the previous two fiscal years, and the next  one fiscal years, all broken out separately and by budget code.  The proposed budget will be distributed to the incoming club presidents-elect 30 days or more in advance of the scheduled vote date.

2.    The district treasurer shall keep proper records of income and expenditure of the district fund. These funds shall be held in a bank account in the name of the district and operated upon by the governor jointly with the district treasurer. Any expenditure of $500 or more, shall be by check or voucher signed by two of the following: district governor, district treasurer, or the immediate past district governor. Any expenditure less than $500 may be by check signed by anyone of the above.  A current status report of the district fund will be forwarded to the members of the District Budget and Finance Committee quarterly.

3.    The district governor must supply an annual statement of the district finances, together with a report of the district finance committee. This report is to reach each club in the district within three months after the completion of his or her year of service as governor. This annual statement and the report of the district finance committee shall also be presented, discussed as necessary and formally adopted by the following district annual meeting.

4.    Where funds are raised for a specific district purpose, a budget of expenditures shall be prepared and submitted to the district governor and to the finance committee for approval by the district committee assigned the responsibility. Such statements shall be attached to the report submitted to the district assembly and district conference by the finance committee; and

5.    The finance committee may authorize certain special district committees to maintain as separate bank account for committee operation, and shall further authorize the chairpersons of such committees as one of the signatories, and such accounts shall be audited in the same manner as the district fund;

6.    The finance committee is responsible for oversight of  administrating and reconciling the budget expenses to  income.   The finance committee may transfer part of district reserves to supplement income, subject to its duty to maintain reasonable reserves to enable the district to meet economic emergencies and effectively manage district finances.

7.    In addition to the named officers, the District Nominating Committee shall nominate two additional members to the District Budget and Finance Committee, each to serve for two years, with staggered terms to be voted upon at the annual meeting.. The selection shall be based on financial qualification, and broad Rotary experience.