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50 H8 Fiscal Polices a Procedures <br /> • Ensure the distribution of a financial reporting package that provides financial <br /> reports with sufficient detail to support the Board's fiscal oversight <br /> responsibilities. <br /> • Ensure that all Board members receive required statements before each board <br /> meeting allowing sufficient time for Board members to review. <br /> • Regularly review financial results. <br /> • Ensure development of the annual budget, review the proposed budget with <br /> management, and recommend final operating budget to the full Board for <br /> approval. <br /> • Ensure the budget allows management to make spending decisions within pre- <br /> authorized guidelines. <br /> • Perform ongoing monitoring of the budget, including re-estimates, if necessary. <br /> • Ensure management has mechanisms in place to monitor the budget on a monthly <br /> basis. <br /> • Oversee the management of organization-wide financial assets. <br /> • Set investment objectives, strategy, and policy. <br /> • Approves the opening and closing of all HB's bank accounts. <br /> • Establish satisfactory reserves, <br /> • Meet guidelines and requirements set by fenders. <br /> • Avoid and resolve conflicts of interest at staff or Board level. <br /> • Approve executive compensation level. <br /> 3. Roles of Audit Committee <br /> The Audit Committee oversees internal controls and risk-management procedures. <br /> i. Audit Responsibilities <br /> • Appoint the independent auditors to be engaged by HB, approve the audit fees, <br /> and pre-approve any non-audit services before the services are rendered. Review <br /> and evaluate the performance of the independent auditors and review with the full <br /> Board any proposed discharge of the independent auditors. <br /> • Review the audit of the financial statements, judgments about the quality (not just <br /> acceptability) of organization's accounting principles, significant changes required <br /> in the audit plan, and serious difficulties with management during the audit. <br /> • Review all material written communications between the independent auditors and <br /> management, such as the management letter. <br /> • Review legal and regulatory matters that may have a material impact on the <br /> financial statements. <br /> • Conduct executive sessions with the outside auditors, outside counsel, and anyone <br /> else as desired by the committee. <br /> • Inquire about significant risks or exposures facing HB, assess the steps management <br /> has taken or proposes to take to minimize such risks, and periodically review <br /> compliance with such steps. <br /> Last updated September 2022 <br />