1. Financial Planning and Budgeting
a. Review and approve the five-year financial projection; make recommendations to Board of Managers.
b. Review and approve the annual plan and budget; make recommendation to Board of Managers. Specific recommendations in the annual budget to include tuition levels, financial aid policies, levels of faculty, and staff compensation.
c. Review and approve capital budget from the standpoint of affordability and methods of financing, and relation to the College strategic plan; make recommendation to Board of Managers.
d. Review budget progress reports presented at each meeting by the administration.
e. Authorize changes in the budget and unusual expenditures as may be recommended by the President of the College. Such changes must be reported at the next meeting of the Board or the Executive Committee.
f. In conjunction with the five-year financial projection, the annual budget, and the capital budget, the Committee relies on the Investment Committee to recommend the appropriate spending guideline for the endowment; the Finance Committee relies on this guideline in arriving at the appropriate distribution from the endowment. The Committee relies on the Property Committee to recommend the specific capital expenditures of the College for buildings and grounds
a. Review and approve periodic financing plans of the College; make recommendations, as appropriate, to the Board of Managers.
b. Review and approve specific issues of debt by the College; make recommendations, as appropriate, to the Board of Managers.
c. In conjunction with financing issues, the Committee will rely on recommendations from the Investment Committee as matters relating to endowment policy arise.
3. Audit and Internal Control
a. Through its Audit Subcommittee, the Finance Committee is responsible for several matters relating to the financial integrity of the College's accounts.
b. The full Finance Committee approves the selection of the College auditor and the audited financial statements of the College; both these items are also approved by the Board of Managers.
4. Trusts Administration
a. Administer trusts of which the College is the fiduciary, including the allocations and distributions of principal and income of the various trusts to beneficiaries, and to funds and endowments of the College. Subject to the approval of the Board, the Committee may provide for and establish a common trust fund for the trusts or some of the trusts of which the College is fiduciary.
b. In conjunction with trust administration, the Committee relies on recommendations from the Investment Committee regarding investment policies and objectives for each account.
Staff to contact for meeting agenda, questions: Suzanne Welsh, Vice President for Finance and Treasurer
Barbara W. Mather, Chair
Richard Barasch, Vice Chair
Lucinda M. Lewis
John A. Riggs
Thomas E. Spock