Committees work with CWSC governance, operations and administration personnel and are essential to helping CWSC effectively manage and continually improve its operations. Whether it’s developing and executing comprehensive funding programs or conducting internal audits and training, both standing and ad hoc committees are volunteers performing vital roles in helping CWSC not only sustain its operations, but perform at the highest level of excellence and accountability.
• Reviews budgets initially prepared by the Director of Treasury Operations to help develop appropriate procedures for budget preparations such as including meaningful involvement by team and committee directors, and realistically reconciling the budget with CWSC’s level of planed operations.
• Reviews the annual report before its publication.
• Provides an added level of internal scrutiny to ensure CWSC as a nonprofit 501(c)(3) does not engage in prohibited activities.
• Reports to governance any financial irregularities, concerns, and opportunities for continuous improvement in internal and external reporting, checks and balances, and transparency.
• Recommends financial guidelines to governance such as establishing a reserve fund or obtaining a line of credit for a specified amount.
• Works with finance staff to design financial reports and ensure that reports are accurate and timely.
• Oversees short and long-term investments, unless there is a separate investments committee.
• Reviews outside auditor bid and works with and refers internal investigative matters to internal auditors.
• Advises governance and other appropriate staff on financial priorities and information systems.
• Reviews guidelines, checkoff list and prescribed periodicity for CWSC audits in close coordination with the Audit Committee.