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ARTICLE IX -- FINANCE COMMITTEE
(Adopted May 9, 1998)
The District Finance Committee shall consist of the three (3) most recent Past District Governors of District 5110 who are members of Rotary Clubs in District 5110 and who still reside within the boundaries of the District. The member of this Committee who is most senior in consecutive days of service on this Committee will become the Chair thereof.
In the event that any member of the Finance Committee dies, becomes unable or unwilling to serve, ceases to be a resident of the District, or ceases to be a member in good standing of a Rotary Club within District 5110, his/her position on the Committee shall be declared vacant and the District Governor shall appoint a Past District Governor of District 5110 who is a member of a Rotary Club in District 5110 and who still resides within the boundaries of the District, to complete the term of that member.
The District Governor shall appoint a Rotarian from the District, preferably a Certified Public Accountant, to be District Treasurer, who shall also serve as an Ex-Officio non-voting member of the District Finance Committee.
The District Governor and District Governor Elect shall bee-Officio non-voting members of the District Finance Committee.
DUTIES:
The District Finance Committee shall:
- Receive the District Governor’s end of year financial report within 75 days after the close of the fiscal year and arrange for an independent review by a qualified accountant to ensure compliance with District 5110 policies and the approved budget for the year, consulting with the immediate past District Finance Committee Chair, as necessary. This examination and review shall constitute the review required by Rotary International By-Laws Article 15.060.4 (Revised by Resolution No. 5 adopted at May 2006 District Conference.)
- Assure that the District Governor’s end of year financial report and review required by paragraph 1 above includes, but is not limited to details of: (Revised by Resolution No. 1 adopted at May 2005 District Conference.)
- a. all sources of the district’s funds (RI, The Rotary Foundation, district and club);
- b. all funds received by or on behalf of the district from fundraising activities;
- c. grants received from The Rotary Foundation or funds of The Rotary Foundation designated by the district for use;
- d. all financial transactions of district committees;
- e. all financial transactions of the governor by or on behalf of the district;
- f. all expenditures of the district’s funds; and
- g. all funds received by the governor from RI.
- Assure that the District Governor has filed any necessary end of year reports with the Internal Revenue Service.
- Within three months after the end of the fiscal year, forward the end of year annual statement and report to all the Rotary Clubs in the District; present the reviewed annual statement and report to the following District Conference for discussion and adoption; and provide a copy to the District Governor for inclusion in his/her District Conference Report to Rotary International. (Revised by Resolution No. 1 adopted at May 2005 District Conference.)
- Review the District Governor’s quarterly financial reports and provide the District Governor with such comments as may be appropriate.
- Meet as necessary with the District Governor Elect to develop a proposed District General Fund budget for the following fiscal year.
- Include within the proposed District General Fund budget a recommended amount for the per capita assessment deemed necessary to support the proposed budget.
- Ensure that the proposed District General Fund budget includes funding for procurement of Directors and Officers Insurance as required by paragraph 6 of the district policy ARTICLE IV (PER CAPITA ASSESSMENTS). (Per Resolution No. 7, adopted at the May 2004 District Conference)
- Review, prior to commencement of the fiscal year, the proposed budgets for the World Community Service Committee, Youth Exchange Committee, and Rotary Youth Leadership Award Committee, and advise the District Governor regarding approval of those proposed budgets.
- Submit the Proposed District General Fund Budget to the District Clubs six (6) weeks prior to the District Assembly for review by the Clubs. This submission to the District Clubs shall include the rationale and justification for any significant changes from the previous budget; e.g. a change in annual dues. District clubs shall submit recommendations for changes to the Proposed Budget, if any, to the Chair, District Finance Committee, copy to the District Governor and District Governor Elect, not later than three (3) weeks prior to the District Assembly. After review of any submitted recommendations for change, the District Finance Committee will make revisions of the Proposed Budget, as appropriate. The Chair, District Finance Committee, in cooperation with the District Governor Elect, shall present the Proposed District General Fund Budget to a meeting of the incoming Club Presidents at the District Assembly for final discussion and approval/disapproval. This presentation will include a history of the budget construction, specifically to recite any recommendations for change, including the source and reasons, received after initial submission of the Proposed Budget by the District Finance Committee. In the event of disapproval, the District Finance Committee will continue review and/or revision of the Proposed Budget and prepare for presentation of the Proposed Budget at the next regular, or specially called, District Meeting of all clubs. (Revised by Resolution No. 5 adopted at May 2005 District Conference.)
- Evaluate expenditures from the District General Fund to assure they are within the spending plan in the budget approved by the incoming presidents at the District Assembly.
- In cooperation with the District Governor, monitor maintenance of the District Reserve Fund and authorize movement of funds between the District General Fund and District Reserve Fund in accordance with the policies set forth under ARTICLE X (FUNDS MANAGEMENT) of this manual. The District Finance Committee will not authorize any action which would result in expenditures exceeding the District Reserve Fund.
- In cooperation with the District Governor, monitor the income and authorize any expenditures of any special funds that have been established by the District as set forth under ARTICLE X (FUNDS MANAGEMENT) of this manual. The District Finance Committee will not authorize any action which would result in expenditures exceeding the funds available in the special account. (Per Resolution No. 7, adopted at the May 2004 District Conference.)
