Finance Committee

Purpose:  The Finance Committee considers the finances of the Yearly Meeting and advises the Treasurer, Continuing Committee, and Yearly Meeting on matters of the budget and means of handling IMYM funds.  The Committee develops an annual budget proposal for consideration by the Yearly Meeting at its annual session six months prior to the beginning of the fiscal year (January to December).  The Committee provides oversight for contracts with the annual gathering facility and administers the IMYM Scholarship Fund.  (adapted from draft F&P IMYM Chapter 2003) 

Membership:  Members are the clerk, appointed by the Yearly Meeting, one representative from each Regional Meeting, one representative from Senior Young Friends, the Treasurer and the retiring Treasurer.  The Yearly Meeting and Continuing Committee Clerks are ex officio members.  One member will be designated Annual Facility Liaison (IMYM 04.14)  

Terms: Three years for members and clerk, except one year for Senior Young Friends representative and retiring Treasurer. 

Responsibilities of the Committee include:

1.  Advising the Treasurer, Executive and Continuing Committees, and the Yearly Meeting on matters of the budget. 

2.  Maintaining a standard structure for income and expense statements and a balance sheet for all treasurers to use.  (Executive Committee, 1/23/04)

3.  Preparing an annual budget proposal for the Yearly Meeting operation for consideration by the Yearly Meeting.

4.  Preparing a budget proposal for the Annual Gathering for consideration by the Continuing Committee.

5.  Providing oversight of the annual facility contract and ensuring appropriate documentation of contract activity.  (IMYM 04.14)

6.  Recommending to Continuing Committee a housing rate structure and registration fees for the annual meeting.

7.  Evaluating the Monthly Meeting assessment level.

8.  Approving payment by the Treasurer of items that exceed the budget by ten percent or more.

9.  Administering the IMYM scholarship fund to which Monthly Meetings may apply to support yearly meeting attendees.

10.  Providing an annual review of Yearly Meeting financial records. (IMYM 99.3-2)  

Clerk of Finance Committee:  In consultation with the Finance Committee, the Finance Clerk plays a central role in the Yearly Meeting's financial management.  The Finance Clerk therefore serves in current practice as an officer of the Yearly Meeting and is a member of the Executive Committee and ex officio to the Continuing Committee.  The Yearly Meeting pays upon request the travel expenses to these meetings.  The Finance Clerk should also plan to attend the annual session. 

Financial Arrangements:  The Yearly Meeting pays the expenses of the Finance Clerk to meetings of the Executive and Continuing Committees, and to the annual session as needed.  (See the Guide page Who Pays IMYM Travel.)  Incidental operating expenditures for clerical supplies, communications, etc., may be submitted (normally by the committee clerk) to the Treasurer for reimbursement.  The Treasurer should be consulted before incurring unusual expenses.