Tidewater EMS Council, Inc.
Audit and Finance Committee
The Audit and Finance Committee is established in the bylaws as a standing committee. It is responsible to advise and assist the board with its fiduciary duties.
1. Review financial statements and investment reports and report significant findings and variances to the board. Ensure financial reports are provided to the board at least quarterly.
2. Assist in preparing the annual budget.
3. Safeguard the organization’s assets through development and periodic review of financial controls, other significant accounting and reporting policies and procedures, risk management policies and procedures, records retention policies and adequate insurance coverage. Seek input from the executive director and the independent CPA who performs the annual audit.
4. Ensure compliance with federal, state and other requirements related to the organization’s finances including filing of the annual IRS 990 report, timely deposit of payroll taxes and charitable registration.
5. Recommend to the board selection of and fees for an independent CPA to perform an annual financial audit, oversee the performance of the independent CPA, confirm the independence of the CPA, review the engagement letter, and maintain an ongoing advisory relationship with the independent CPA.
6. At the conclusion of the annual independent audit, review with the executive director and independent CPA the results of the audit, significant changes to the audit and difficulties encountered during the audit. Ensure the independent CPA presents audit findings to the board annually. Address or recommend changes to address issues identified in a management letter or in discussions with the independent CPA.
7. Ensure directors annually review policy related to, and disclose, conflicts of interest.
Membership: Five members as described in the Bylaws who work without any compensation for committee work. The Treasurer of the Board of Directors serves as chair. The President appoints at two additional board members with the concurrence of the board. At least one of the two additional board members is a director of the board but not a member of the Executive Committee, and two members that are not directors of the board, but has knowledge and experience in accounting or financial matters. Appointments are typically made for two years following board elections, every odd year.
Meetings: The Audit and Finance Committee will meet quarterly in February, May, August, and November to accomplish its work. The committee may meet in person and/or by telephone conference.
Adopted, Board of Directors, 12-9-2010, revised and readopted 6-11-2015, revised and readopted 12-13-2018