Trident United Way 2019-2022 Finance Review Council

TRIDENT UNITED WAY 2019-2022
FINANCE REVIEW COUNCIL

MEMBER ROLES & RESPONSIBILITIES

Overview:
The Finance Review Council (FRC) provides financial and fiscal health review, recommendation and monitoring for Program Investment and Basic Needs applicants and funded partners. Members participate in activities to learn about Trident United Way’s investment strategy and priority areas that will inform the applicant review process. The FRC is responsible for ensuring TUW donor contributions are invested efficiently by applying and supporting a high standard of financial evaluation and accountability.    
 
Committee Composition:
The FRC should have a minimum of 8 members and no more than 12 members. Members of the Community Impact Committee, TUW Board of Directors or other TUW committees can serve on this council. Other members are recruited from TUW corporate campaign partners and other communities that are representative of the diverse Tri-County area. 
 
Time Commitment and Term:
 
Term: 
      • The FRC term limit is 3½ years beginning in November 2018 through June 2022. 
 
Time commitment: 
      • Volunteer Orientation and Training | November 2018 & January 2019
              o In person orientation and poverty simulation activity, 3 hours
              o Training, 2 hours
      • Applicant Review and Recommendations | February – March 2019
              o Review on your own, approximately 6-8 hours
              o In person meetings, approximately 8 hours
      • Finance Review Sessions | beginning January 2020
              o Twice a year meetings reviewing Funded Partner financial documents, 2 hours
 
Accountability:
The FRC is responsible to the Community Impact Committee (CIC). All recommendations provided by the FRC for review and funding require approval by the CIC, which will make a recommendation to the TUW Board of Directors for approval. 
 
Members agree to engage annually in Volunteer Commitment Conversations where applicable, with the TUW Strategic Volunteer Engagement staff liaison. Commitment Conversations will provide the opportunity for volunteers to provide feedback on their opportunity, staff to provide feedback on volunteer fulfillment of member responsibilities, and plan for future opportunities.
 
Goals/Objectives:
     • Ensure TUW donor contributions are invested effectively and efficiently 
     • Stewardship of community impact funds 
     • Provide Funded Partner fiscal health recommendations and determinations 
     • Monitor Program Investment Funded Partner financials during the three year funding cycle 
 
Responsibilities/Duties:
     • Review Program Investment and Basic Needs grant applicants fiscal documentation, including but not limited to, Financial Audits, financial statements, Form 990, and budget to actual, to provide fiscal health determinations and recommendations to the PIRC and Basic Needs Investment Review Council (BRC) to aid in funding decision-making 
     • Conduct annual reviews of Program Investments Funded Partners required financial documents and provide input, feedback and questions for follow up with the Funded Partners
     • Assist with remediation recommendations, as needed, for any reported material weaknesses in internal controls, fraud or material errors discovered during the funding cycle, or noncompliance of financial requirements 
 
Abilities, Skills, and/or Experience:
Reviewers should demonstrate some combination of any of the following skills or abilities: 
       • Passion for TUW’s areas of focus in education, financial stability and health
       • Alignment to TUW’s values and investment commitment to organization that provide services to underserved and lower income populations
       • Willingness to understand and learn about TUW’s focus areas and impact work
       • Ability to review, understand and analyze complex financial reporting documents and organizational budgets
       • Collaborative thought leadership and decision-making 
       • Ability to listen and take part in constructive dialogue that leads to group consensus
       • Ability to be impartial and objectivity, free of personal biases about programs and TUW investments
       • Thoughtfully consider making a monetary donation to Trident United Way at a level that is significant to you 
       • Moderate to high proficiency in using computers and able to access online grant management system  
 
Prioritized experience and backgrounds: 
Financial professional or CPA 
Understanding and comprehension of nonprofit financial management and accounting 
Corporate professionals with decision-making authority