Finance Committee Charter
This committee shall be called the Finance Committee of the Board of Directors of The Natomas Basin Conservancy.
The Finance Committee will be appointed by the Chair of the Board of Directors. It will be composed of at least two board members, independent of management, all of whom are to be free of any relationship that, in the opinion of the Board, would interfere with his/her exercise of independent judgment. One member of the committee shall serve as committee Chair. The Chair of the Board of Directors appoints a Committee Chair or delegates selection of the Committee Chair to the full committee membership.
The Finance Committee’s role is to oversee the financial affairs of the Conservancy and review and make recommendations to the Board about the financial affairs and policies of the Conservancy.
Functions and Responsibilities
The Finance Committee is a standing committee of the Board of Directors. In carrying out the duties and powers described in the Bylaws, the Board grants the committee authority and responsibility to:
A. Review and recommend banking and other similar financial relationship selection and retention or termination for approval by the Board. Review and recommend any changes in signature and wire transfer authority resolutions concerning financial and investment matters for approval by the Board.
B. Review and recommend annual operating budgets including any necessary augmentations or revisions during the year.
C. Review and recommend major capital expenditures or disposals.
D. Review the actual and projected investment returns of Conservancy investments, mindful of the goal of the Conservancy to operate in perpetuity.
E. Review overall Conservancy risk management and insurance coverage.
F. Consider other finance and administrative issues delegated by the Board and not specifically handled by the Audit Committee.
G. Review the organization’s investment policies and other policies or charters relevant to the Finance Committee.
H. Advise on other finance matters as appropriate, whether delegated by the Board or submitted by the staff.
I. Report to the Board on committee activities.
Operations of the Finance Committee
A quorum shall consist of a majority of the members. Minutes shall be kept of each committee meeting and shall be filed with the corporate records. The committee shall conduct an annual performance self-evaluation that considers matters related to its responsibilities. No member of the Audit Committee may concurrently serve on the Finance Committee.
Revision October 2, 2019