General Purpose

The Finance Committee is commissioned by and responsible to the Loveland Classical Schools (LCS) Board of Directors.  It has the responsibility for working with the school’s Executive Director and Chief Financial Officer (CFO) to create the upcoming fiscal year budget; present budget recommendations to the Board; monitor implementation of the approved budget on a regular basis and recommend proposed budget revisions; recommend to the Board appropriate policies for the management of the charter school’s assets.

Appointments and Composition

The committee shall consist of Executive Director, Lyceum Principal, CFO, and up to two board members.

Reporting Structure

The Finance Committee should meet at least quarterly and submit monthly written reports of the financial results for the most recent current period, year-to-date activity and projected year-end expenditures to the board via the board liaison.

Responsibilities

  1. Assist LCS Executive Director and CFO with preparing annual budget.
  2. Develop and revise annually five-year financial forecast and long-range financial plans based on the forecast.
  3. Review all non-budgeted expenditures over $10,000.00 and inform the board.
  4. Annually submit objectives as part of the planning and budgeting process.
  5. Arrange for an annual audit with submission of the same to the board.
  6. Review operational procedures and processes annually.