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.