The Finance Team plays a crucial role in ensuring the financial health and well-being of Great Lakes Experimental Arts, Inc.The Finance Team meets monthly and year-round. They are ultimately responsible for a wide range of duties, encompassing oversight, planning, and risk management. Below are some of the teams key responsibilities:

Oversight and Monitoring

• Reviewing and approving the annual ORG budget: This involves carefully examining proposed expenditures and revenue sources, ensuring alignment with the organization’s mission and strategic plan.
• Monitoring financial performance: The committee regularly reviews QuickBooks online, financial statements and other reports to track spending against the budget, identify any variances, and assess overall financial health of the organization.
• Overseeing financial reporting: They ensure the accuracy and completeness of financial reports, including the Form 990 required for the IRS.
• Safeguarding assets: Implementing and maintaining proper internal controls and accounting policies to protect the organization’s assets from fraud, waste, and abuse.

Planning and Strategic Management

• Developing long-term financial plans: The committee helps develop realistic and sustainable financial plans for the future, considering factors like fundraising options, program expansion, and in some cases, potential risks.
• Identifying and managing financial risks: They proactively identify and assess potential financial risks like economic downturns or funding shortfalls, and develop strategies to mitigate those risks.
• Overseeing investments: If applicable, the committee may oversee or contribute to investment decisions, ensuring they align with the organization’s mission and financial goals.

Additional Responsibilities

• Providing guidance and support: The committee serves as a resource and advisor to all departments, the board of directors and management on financial matters.
• Reviewing and approving major financial transactions: This could include department  purchases, significant equipment acquisition, and more.
• Staying informed about relevant regulations: Maintaining awareness of any changes in accounting standards, tax laws, or other regulations that might impact the organization’s finances.