Finance

Purpose

The Yearly Meeting Finance Committee stewards the financial resources at all levels of the Yearly Meeting. 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 on good practice in financial management for monthly and quarterly meetings and other groups under the care of the Yearly Meeting.  By providing consultation, education, and resources to treasurers and others, the committee seeks to assist in the effective stewardship of monthly, quarterly, and Yearly Meeting financial and property resources.

Procedures

• The committee provides oversight, advice, and support to the Treasurer as well as any others who may be responsible for sub-accounts within the Yearly Meeting operating funds.
• The committee reviews and recommends updates to the job descriptions of the Yearly Meeting Treasurer.
• The committee consults with Nominating Committee about that committee's nomination for Treasurer.
• The committee generally meets every few months, including meeting 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. Budget is the only sub-committee that currently exists.
• Early in the calendar year, the committee begins the development of a draft budget for the ensuing fiscal year. This is done in consultation with the Treasurer, Yearly Meeting Secretary, and others. The Yearly Meeting Secretary is responsible for estimating expenses for the Yearly Meeting staff and office, Youth Retreat Programs, and Annual Sessions. The committee takes into account the financial priorities recommended by the Permanent Board.
• The committee solicits specific input from the Yearly Meeting Secretary and others regarding the estimated capacity within the Yearly Meeting community for contributions and from the Yearly Meeting Secretary regarding estimated expenses and revenue for Annual Sessions in developing the draft budget.
• The committee solicits budget requests from all Yearly Meeting committees to support the work of those committees.
• The committee presents the Yearly Meeting budget to the Permanent Board at its May meeting for information and feedback.
• The committee presents the final Yearly Meeting 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 annually prepares a minute authorizing designated individuals to sign checks, open and close accounts, and otherwise manage the financial “housekeeping” of the Yearly Meeting.  Sessions approves this minute.
• 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 Yearly Meeting policies in financial matters and make recommendations to the Permanent Board for continuation, discontinuation, or adjustment of those policies.
• The committee maintains a handbook documenting the policies and procedures of Yearly Meeting financial matters, regularly reviewing and updating it as needed.  A detailed description of how the Friends Camp budget is handled appears in the Friends Camp Good governance document.

Committee Resources

• NEYM Financial Structure
• Financial Policies

Composition

• Up to 10 members are appointed by the Yearly Meeting for terms of up to five years. In consultation with the Nominating Committee, members may be re-appointed for a second consecutive 5-year term.  While not required for Friends to make a significant contribution to this work, longer terms of service recognize the detailed context of this work, and support greater continuity and institutional memory on the committee.
• The Treasurer, Accounts Manager, and Yearly Meeting Secretary are ex-officio members.
• The clerk of the committee is appointed by the Nominating Committee in consultation with the Finance Committee.
• 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.
• In order to fulfill God's will for the Yearly Meeting in financial matters, the Finance Committee aims to be representative of the wide range of Friends that make up NEYM. Recognizing the importance of sharing power in financial decisions with those whose voices are often marginalized, the Finance Committee aims to be diverse in age, gender, race, sexual orientation, class, and any other identities that are less privileged.
• The clerk of the Finance Committee serves ex-officio on the Coordinating and Advisory Committee, on Permanent Board, and on the Board of Managers.