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. The committee also reviews financial statements and investment reports and reports significant findings and variances to the board of directors; further, they ensure financial reports are provided to the board at least quarterly. The audit and finance committee assists in preparing the annual budget and safeguards 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.