The Finance Committee’s primary function is to collect and deposit all receivables, mainly dues and donations to the Beautification Committee and the Special Functions Fund. In addition, it reviews and pays all bills. An Annual Financial Report is developed that shows the financial health of the organization.
The Finance Committee maintains three Accounts with TD Ameritrade Bank. The three account are Business Saving and Checking and a CD. Within these three accounts, three separate allocations of monies are tracked, Operating expense, Beautification and Special Functions. The Finance committee uses on-line banking to minimize bank fees.
Another responsibility of the Finance Committee is to develop an annual budget forecast and to track the income and expenditures against the forecast.
Whenever there is a large social event, such as the Lobsterfest, the Finance committee puts together an accounting of the event, so that there is a record of the event to use as a benchmark for future events.