Financial Policy

Approved by Executive Committee on Behalf of Board June 20, 2013

 

Policy Statement

The purpose of financial management in the operation of all Mecklenburg County Bar (MCB) activities is to fulfill the organization's mission in the most effective and efficient manner and to remain accountable to members and employees. In order to accomplish this, MCB commits to provide accurate and complete financial data for internal and external use by the Executive Director, Executive Committee and the Board of Directors.

 

Authority

  • The MCB Board of Directors is ultimately responsible for the financial management of the MCB.
  • The Executive Director, President and Treasurer are authorized to sign checks on behalf of MCB.
  • The Executive Director and the President are authorized to enter into contracts on behalf of MCB.
  • The Executive Director is authorized to manage expenses within the parameters of the overall approved budget, and, in conjunction with the Treasurer, reports variances and reasons for variances to the Finance Committee, Executive Committee, and Board of Directors.
  • The MCB Executive Committee or Board of Directors must approve use of the MCB Reserve Accounts.

Responsibilities

  • The MCB Executive Director is responsible for overseeing the day-to-day financial management of the organization by hiring and supervising appropriate financial staff who prepare financial reports, pay bills, receive and process funds and maintain bank accounts.
  • The Executive Director and Director of Finance and Human Resources review the MCB's finances on a monthly basis to monitor fiscal soundness, identify potential risks that may have a financial impact upon MCB and to propose and implement procedures to protect the MCB from such risks.
  • Financial reports are available and distributed to the Finance Committee on a monthly basis and presented to the Executive Committee and Board of Directors at their regularly scheduled meetings.
  • The MCB Board of Directors or Executive Committee shall analyze any initiative or proposal brought before them for approval to determine what, if any, budgetary impact the measure will have.

Annual Operating Budget

  • A draft annual operating budget is prepared by the Executive Director and Director of Finance and Human Resources and reviewed by the Finance Committee in April for input and recommendation to the Executive Committee. The draft budget is then reviewed by the Executive Committee and the MCB Board prior to the MCB's Annual Meeting.
  • This draft budget is made available to MCB members for review at the MCB Annual Meeting and on the MCB's website. MCB members are invited to comment at the Finance Committee's specially called meeting in June. The Executive Committee reviews final changes and approves the annual operating budget at its June meeting.
  • Budget adjustments may be recommended by the Finance Committee and approved by the Executive Committee or the Board of Directors.
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