FINANCE COMMITTEE
The Department of Virginia’s Finance Committee is charged with overseeing the financial stability, accountability, and integrity of the organization. Composed of five elected members serving staggered two-year terms, the Committee develops and manages the Department’s annual budget, ensuring all expenditures align with projected income and established fiscal policies. It reviews financial requests, monitors departmental accounts, and coordinates annual audits in accordance with Department and National bylaws. The Committee also supervises fundraising activities, verifies proper handling of all receipts, and ensures transparency in financial reporting to the Department Executive Committee and Convention. Through sound stewardship and oversight, the Finance Committee safeguards the resources that sustain the Department’s mission and programs.
25-26 COMMITTEE MEMBERS
Department By-Laws Article 4, Section 4-4, Para. 6: Finance Committee
Para 6: FINANCE COMMITTEE
Para 6.1: The Finance Committee shall be composed of five (5) members. Each member shall be elected for a term of two (2) years. Three (3) members shall be elected on odd years and two (2) members shall be elected on even years. Election of these members shall take place at the DEC Meeting held during the Fall Conference. In the event a position is vacated out of cycle, a special election will be held at the next DEC for a member to assume the vacant member's remaining term. The DTREAS shall be an ex-officio member of the Finance Committee without voting privileges.
Para 6.2: Following election, the members of the Committee shall elect from its membership, excluding the DTREAS, a chairperson who will serve in this capacity for a period of one (1) year.
Para 6.3: The Finance Committee shall prepare the annual budget allowing appropriations for elected and appointed officers individually and for each National Service Office serving the Department.
Para 6.4: The Finance Committee shall furnish a copy of the current and proposed budget to each DEC member at the DEC meeting preceding the Spring Conference.
Para 6.5: A final proposed budget, to include the budget build (spreadsheet), identifying any changes from the DEC shall be submitted to the DEC at the meeting immediately preceding the Convention for its recommended updates. The budget shall then be presented to the Convention for approval. The Convention cannot adjourn without adopting an approved budget.
Para 6.6: Neither the DEC nor the Convention shall adopt or approve any budget that provides for expenditures in excess of the estimated income for the Accounting Year involved, as determined by the Finance Committee, nor shall they approve any expenditure not included in the budget unless the motion also calls for transfer of funding from another account to cover the expense.
Para 6.7: The Finance Chairperson, upon written request of an officer or committee chairperson can make adjustments to accounts provided that:
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The adjustment does not increase the total budget;
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Approval of the officer or committee chairperson responsible for the account must approve the recommendation for adjustment; and
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Ensure funds adjustment is not due to willful disregard of budget allowances or careless spending.
Para 6.8: The Committee shall assure that Department accounts are audited annually in conformance with the Bylaws of the National Organization and mandates established by the Department. One (1) Member of the Finance Committee, other than the chairperson, DTREAS, shall be designated to serve on the Department Audit Committee.
Para 6.9: Finance Adjutant. Following election each year, the members of the Finance Committee shall elect from its membership, excluding the DTREAS and a Finance Adjutant whose duties will be as follows:
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Shall receive, review, and approve all vouchers prior to submission to the DTREAS for payment.
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Shall review the account and indicate on the voucher the funds remaining in the
account.
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Shall indicate on the voucher the amount that will remain in the account after
the voucher has been paid.
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Shall return to the requester any voucher not supported by documentary requirements set forth in the guidelines.
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In the event of incapacitation of the Finance Adjutant, the chairperson of the The Finance Committee will appoint a member of the Finance Committee to serve as interim Finance Adjutant.
Para 6.10: Shall notify the DEC of the Department fundraising programs and initiate, coordinate, and secure approval from the NEC for all Department fundraising activities.
Para 6.11: Shall ensure that all receipts of Department fundraising programs are placed in the possession of the DTREAS.
Para 6.12: Shall report to the Convention total income received from all Department fundraising activities.
Para 6.13: At the request of a Chapter, shall review requests for Chapter fundraising activities denied by the DSVC and approve or disapprove the fundraising activity on its merits. This decision by the DSVC can be overruled only at the request of the Chapter by the DEC.
Para 6.14: The Finance Committee, subject to approval by the Department Convention or the DEC, may direct reserve funds be placed in low-to-moderate risk investments in order to achieve higher returns.