Finance Committee

Charge Statement

Lemont-Bromberek CSD 113A Mission Statement:

In District 113A, educators, parents, students and community members share the responsibility to create a safe, supportive and enjoyable learning environment.

All students will be challenged to grow academically, physically, socially and emotionally to become learners for life as well as productive and responsible citizens.

This shall be achieved through visionary leadership, innovation and sound management and effective utilization of our talents and resources.

Community Involvement in Accomplishing our Mission:

The Lemont-Bromberek CSD 113A Board of Education recognizes that this mission cannot be fully achieved without a full understanding of the current financial position of the District as well as a comprehensive understanding of the financial outlook for the district now and well into the near future. A clear financial plan, financial policies and procedures, and internal control designed to protect the financial resources of the District will assist in supporting the overall performance of the District. The Board further recognizes that community collaboration is a critical component of the District mission statement and successful development and implementation of this financial plan requires extensive community involvement and participation.

Therefore, in order to:

  • build an ongoing process for strengthening communication and collaborative efforts with the community;
  • assist the Board in hearing and understanding the District 113A community’s educational beliefs, aspirations, desires and priorities;
  • provide a basis for reaching conclusions on issues concerning financial forecasting, planning and resource allocation;
  • involve the community in planning for the future of Lemont Bromberek 113A;
  • obtain relevant perspectives that build upon, expand and enhance the previous financial planning initiatives by the District; and
  • define priorities and steps to determine the future financial health and welfare of the District;

the Board of Education establishes the Finance Committee.

Finance Committee Charge

The BOE hereby authorizes the formation of a broad-based coalition of BOE members, community members and staff. The charge to this group is to provide support to the BOE regarding financial matters, and to act in an advisory role to the BOE as the BOE carries out its mission. The Committee is not intended to be a decision making committee or to partake in the day-to-day operations or decisions of the Superintendent, Business Manager, Treasurer, or any other district administrators.

Membership

The President of the BOE shall appoint candidates to fill any and all open position(s). In order to ensure continuity and consistent contribution to the Committee's work, members that miss 2 consecutive regularly scheduled meetings will be terminated from the Committee.

The Committee shall consist of the following:

  • TOTAL:  Maximum is 9 members;
  • Community members:  2-5 members each of whom must have a background in business and/or finance;
  • Staff of District 113A:  1-3 members;
  • BOE:  1-3 members;
  • Staff to the Committee - Business Manager

Quorum

A majority of the Committee membership shall constitute a quorum.

Term of Office

A term is considered 2 years from July 1st*. Candidates will serve a minimum of one term, and can be re-appointed for additional terms per the membership procedures.

Vacancies

All vacancies should be filled as soon as possible in accordance with membership procedures. When a vacancy is filled mid-term, the new appointee will complete the unexpired term of the position filled.

Chair

The Committee shall be chaired by a BOE member as appointed by the President in accordance with Board policy 2:110. The Chair of the Committee shall preside over all Committee meetings and shall make a full reporting of meeting business to the BOE at the regular BOE meeting immediately following any Committee meeting; and report any vacancies as soon as known. The Chair is responsible for scheduling all meetings, creating an agenda for each meeting, and providing approved minutes that accurately reflect the activities and business of each meeting to the Superintendent. The Chair is responsible for keeping attendance of each meeting; coordinating meeting space; obtaining any materials required for a meeting; and conducting the meeting in accordance with and compliance with all applicable laws, rules, and regulations. The Chair shall appoint a Secretary to prepare minutes of each meeting.

Meetings

The Committee shall meet at the call of the Chair, in compliance with all applicable laws, rules, BOE policies and regulations. The Committee shall meet at least quarterly.

Functions

Financial

The Committee is charged to:

  • Review and make recommendations on financial procedures and policies;
  • Review and interpret financial statements, data and trends;
  • Share business and financial best practices from the private and public sectors;
  • Review the District’s annual 3-5 year financial plan;
  • Respond to special requests of the BOE as related to financial matters.

Audit

The Committee is charged to:

  • Review the results of the annual audit as prepared by an external independent licensed CPA, before presentation to the BOE;
  • Review management letter comments/ internal control weaknesses as reported by the external auditor and make recommendations to the BOE to resolve/address reported weaknesses;
  • Review management’s corrective action plan for all management letter comments, and follow up on the corrective action plan, and report progress to the BOE;
  • Assure independence of the external auditor;
  • Provide a recommendation to the BOE regarding the appointment of the external auditor;
  • Make a recommendation to the BOE on accepting the annual audit;
  • Consider internal controls as needed.

Approved by the Board of Education: September 21, 2016