Finance Committee Member

Purpose:

The Finance Committee provides financial analysis, advice, and oversight of the organization’s budget. Their sole responsibility is to ensure the organization is operating with the financial resources it needs to provide programs and services to the community.

Meeting Schedule:

The committee meets 90 minutes per quarter, each year. From time to time, the committee will convene for planning meetings and training. Committee members will be asked to attend special events and meet in person, once per year.

Scope of work for the Finance Committee:

• Ensure that accurate and complete financial records are maintained
  • Monitor income and expenditures against projections
  • Review and recommend financial policies to the board, including ensuring adequate internal controls and maintaining financial records in accordance with standard accounting practices
• Ensure that accurate, timely, and meaningful financial statements are prepared and presented to the board
• Present monthly financial statements to the board
• Oversee budget preparation and financial planning
• Propose for board approval a budget that reflects the organization’s goals and board policies
• Ensure that the budget accurately reflects the needs, expenses, and revenue of the organization
• Safeguard the organization’s assets
  • Review proposed new funding for ongoing financial implications, recommending approval or disapproval to the board
  • Ensure that the organization has the proper risk-management provisions in place
• Help the full board understand the organization’s financial affairs
  • Ensure that the board, as a whole, is well informed about the organization’s finances
  • Educate the board about financial matters
• Ensure compliance with federal, state, and other requirements related to the organization’s finances
  • Ensure that organization maintains adequate insurance coverage
  • Ensure that the IRS Form 990, other forms, and employment and other taxes required by government are filed completely, correctly, and on time

Selection Criteria:

Candidates should have extensive experience in the following:

• Financial Management and Strategic Planning expertise, preferred.
• Not-for-Profit Leadership.
• Understanding of the transportation industry is desired.
• A strong dedication to sustainability and effective collaboration is essential.
• Sound understanding of Corporate Structure; assessing company health, predicting
  future actions and investment decisions.
• Demonstrated understanding of how to read and interpret financial statements and metrics to ensure good fiscal stewardship and sound financial management.
• Audit Committee governance; promote culture of accountability, transparency and ethical conduct.
• Ability to attend board meetings in person once per year (Connecticut).

Voluntary Board. No Compensation.

Visit our website for more information about CTS: https://www.ctstransit.com

For more information about the role, the selection criteria, and how to apply, contact Gina DePina, Chief Human Resources Officer at gdepina@ctstransit.com.