The Finance Committee of New England Yearly Meeting is responsible for:
- Proposing an annual budget to Sessions for adoption
- Nominating a Treasurer for appointment by Sessions
- Oversight of the accounts of the Yearly Meeting
For a more complete idea of the finances of New England Yearly Meeting or the work of the committee please refer to the Finance Committee Handbook.
The Yearly Meeting Finance Committee stewards the financial resources at all levels of the Yearly Meeting (YM). This involves care for the intake and expenditure of money through the development of an annual budget, the establishment of policies for the faithful and transparent carrying out of that care, and the communication of this to the wider body of New England Yearly Meeting. The Finance Committee serves as a resource for monthly and quarterly meetings and other groups under the care of NEYM, providing consultation, education, and resources to treasurers and others to assist in the effective stewardship of monthly, quarterly, and (in consultation with the YM secretary and/or Permanent Board) Yearly Meeting financial and property resources, including those of Friends Camp.
For where your treasure is, there will your heart be also.
- The Committee provides oversight, advice, and support to the Treasurer and Assistant Treasurer as well as any others who may be responsible for sub-accounts within the YM operating funds.
- The Committee reviews and recommends updates to the job descriptions of the YM Treasurer and Assistant Treasurer.
- The Committee annually nominates persons to serve as Treasurer and Assistant Treasurer for the Yearly Meeting; the Treasurer and Assistant Treasurer are formally appointed by YM at Sessions. The Treasurer serves for a minimum of two years.
- The Committee generally meets every other month, including several times at Annual Sessions. Meeting times and places are determined by the Clerk in consultation with the Committee.
- The Committee may designate sub-committees to organize and perform certain tasks, the results to be brought before the full committee for action. The current sub-committees are Budget, Education, and Policy. Finance Committee members generally serve on one sub-committee.
- Early in the calendar year, the Committee begins development of a draft budget for the ensuing fiscal year. This is done in consultation with the Treasurer, YM Secretary, and others. The YM Secretary is responsible for estimating expenses for the YM staff and office, Youth Retreat Programs, and Annual Sessions. The Committee consults with the ad-hoc Long-Term Financial Planning Committee toward achieving the goal of multi-year budgeting.
- The Committee solicits specific input from Development Committee regarding the estimated capacity within the YM community for contributions and from the YM Secretary regarding estimated expenses and revenue for Annual Sessions in developing the draft budget.
- The Committee solicits budget requests from all YM committees to support the work of those committees.
- Prior to mid-March, the Committee reviews the Friends Camp budget to see that it is balanced, conforms to generally accepted accounting practices, and reflects realistic and sound fiscal management. Questions or concerns are referred back to the Friends Camp committee for consideration, clarification, and refinement.
- The YM budget and the Friends Camp budget are presented by the Committee to Permanent Board at its May meeting for information and feedback.
- The Committee presents the final YM budget as well as the Friends Camp budget to Annual Sessions for final approval. Between Annual Sessions, budget updates and any necessary requests for action are presented to the Permanent Board.
- The Committee prepares a minute annually for Sessions authorizing designated individuals to sign checks, open and close accounts, and otherwise manage the financial “housekeeping” of the YM.
- The Committee conducts workshops on various financial topics and fields specific questions from monthly meeting officers on managing monthly meeting finances.
- The Committee will from time to time review YM policies in financial matters and make recommendations to Permanent Board for continuation, discontinuation, or adjustment of those policies.
The Committee maintains a handbook documenting the policies and procedures of YM financial matters, regularly reviewing and updating it as needed.
Finance Committee consists of:
- Up to 15 members appointed by the Yearly Meeting for 5-year terms. These members may be re-appointed for a second consecutive 5-year term.
- Committee members do not necessarily need any prior experience with accounting or financial management, but should be comfortable (or interested in learning how to become comfortable) looking at, talking about, and praying over both specific numbers as well as broader policy matters concerning the finances of the Yearly Meeting. Committee members should be able to notice and be willing to ask tough questions when numbers don't seem to make sense or add up. All members are expected to relate financial matters to Divine guidance and Quaker principles.
- Additionally, while no single member is expected to bring all of the following to the Committee's work, the Committee as a whole will, ideally, possess at least two informed perspectives on the following topic areas: (a) each area of work done by the Yearly Meeting as an organization; (b) Yearly Meeting governance procedures, and (c) common principles of financial management. The Committee also needs one or more members possessing the necessary skill and energy to (a) use charts, spreadsheets, and financial management software; and (b) draft policy proposals when it becomes clear our policies or procedures should be changed.
- The Treasurer, Assistant Treasurer, and Yearly Meeting Secretary
- The Finance Committee names an internal nominating committee with the responsibility for naming the Clerk, Recording Clerk, Treasurer and Assistant Treasurer. Finance Committee and the Yearly Meeting at Annual Sessions or at Permanent Board approve these appointments. The Clerk of Finance Committee serves ex-officio on the Coordinating and Advisory Committee and on Permanent Board.
As reflected in the Purposes and Procedures above, the Finance Committee collaborates and has linkages with Permanent Board, Development Committee, Sessions Committee, the ad hoc Long-Term Financial Planning Committee, the YM Secretary, the Board of Managers of Permanent Funds, and the Friends Camp Committee.