Charter and Operating Procedures for the MNA Finance Committee The intent of this document is to clarify the key roles and responsibilities and operating procedures MNA Finance Committee. The FC: The FC is accountable to the board and is responsible for ensuring accountability, transparency and sustainability of MNA financial systems and status. The FC is a small working group committee consisting of up to 5 members with at least one member, including the chair, representing the board. The treasurer of the MNA board will serve as the Chair of the FC for 2014. The FC will review annual budget prior to submission to the MNA board for approval and will also review any modifications and make recommendations to the board for approval. The FC is also responsible for ensuring transparency, accountability and efficient use of the MNA budget. The Chair: Generally, the Chair is responsible for coordinating with other committees, ensuring adequate networking, facilitating the Finance Committee meetings and reporting out the results of the meetings to the board. The Treasurer: The treasurer is accountable to the MNA board and performs the following roles: Advise board and make recommendations on financial issues that are in the best interest of the MNA; Approve and make payments, per the approved budget, incurred by any MNA committee or board members; Seek approval from the board for any new expenses not in the approved budget; Seek Presidents approval for any payments to the treasurer for expenses incurred as routine board business; Present monthly financial reports to the MNA board during the monthly board meetings; Coordinate with other committees, particularly the Festival and Fundraising committee, to ensure systems are in place for appropriate approvals and accounting of funds raised and expended by the FF committee, or any other committee involved in fundraising and payments. Also coordinate with the festival coordinators for handling of money during the festivals and other fundraising events. Coordinate with the accounting firm for annual filing and ensure timely submission; Meet, once a month with the accountant/firm and provide oversight of accounting/book keeping functions to be performed by the accountant; and If not nominated as the Chair of the FC, the treasurer will serve on the FC as a member. The Accountant/Bookkeeper: The accountant and or firm are accountable to the MNA treasurer and perform the following duties: Maintain and manage a computerized bookkeeping system that mirrors the MNA budget and/or MNA initiatives, with the detail required by the Finance committees; Prepare IRS 990, 1099 and 1096s; Reconcile monthly bank statements; Maintain proper coding of all deposits and expenditures as directed by the MNA Treasurer; Meet with MNA Treasurer as needed to review budget reports and balance sheet; Submit quarterly (October–March) and monthly (AprilSeptember) financial reports electronically to the MNA Treasurer by the Sunday preceding the regularly scheduled MNA board meeting for the prior period. The performance of the accountant/firm will be reviewed by the board on annually basis prior to making decisions regarding continuation of the services. In case of some serious accounting problems, the treasurer can recommend to the board that the services be terminated. In addition, these services can also be discontinued on the basis of shortage of budget for administrative functions in the MNA budget. Procedures: The FC will meet the first Wednesday of each month from 7-8 at 911 Williamson street for this year; Each committee chair is responsible for making the annual budget request and assuring budget parameters are followed. Invoices for reimbursements should be submitted to the treasurer for payments within 90 days of incurring personal expense for MNA business by board members or other authorize individuals to incur expenses on behalf of the Association; Copies of contracts should be sent to the treasurer; W9s for new entities should be submitted to the treasurer when contract is signed; The treasurer should be notified in advance by e-mail of authorized expenses by committee chairs for the work being commissioned by the committees to ensure timely payment to venders; The treasurer should be notified in advance of any major upcoming expenses to be incurred on behalf of MNA; Committee chairs or projects managers managing projects should send a request to the treasurer for funds once the activity has been approved by the board. Treasurer will seek MNA president’s approval prior to donating funds to budgeted entities; Prior to incurring any expenses over $50, members should seek authorization from the President/or the Treasurer, or committee coordinators if they have been delegated responsibility to manage their budgets.