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Effective Financial Management in CAP: Unit Finance Committee's Key Functions

Understand the critical roles of a Unit Finance Committee in managing and overseeing unit funds, ensuring financial prudence, asset protection, and compliance with regulatory requirements. Learn about budgeting, financial planning, reporting, and risk management to safeguard CAP's resources. Discover how internal controls, budget monitoring, and risk assessment contribute to successful financial stewardship.

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Effective Financial Management in CAP: Unit Finance Committee's Key Functions

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  1. Functions of a Unit Finance Committee Keith Barnhart, WFA

  2. Primary Roles • Provide management and oversight of unit funds • Use financial resources prudently to successfully accomplish CAP’s missions • Protect CAP assets • Establish a positive tone at the top

  3. Stewardship of CAP’s Resources and Assets • CAPR 1-1 para 3a: All members shall strive for effective accounting/reporting systems, internal controls, and take measures to ensure subordinate staff members are competent to perform their duties. All CAP members, especially commanders at all levels, will act in a fiduciary capacity toward the organization and its members.

  4. Areas of Responsibility • Ensure the unit is in compliance with all financial, regulatory and reporting requirements • Budgeting • Financial planning • Financial reporting • Risk Management • Establish and monitor internal controls

  5. Budgeting and Financial Planning • Develop an annual balanced operating budget with input from the unit staff • Approve the budget • Send the budget to the wing director of finance by 1 October of each year • Monitor actual to budget amounts at least quarterly--revise if necessary to maintain a balanced budget • Set financial goals and establish funding mechanisms to achieve them

  6. Reporting • Review financial reports monthly • Reconcile the unit cash report quarterly • Ensure that CAP required financial reports are filed timely • Report known or suspected fraud or irregularities to wing headquarters or NHQ

  7. CAP Required Financial Reports

  8. Risk Management

  9. Risk Management • What is the chance it will happen? • What will be the impact on the unit? • What can be done to reduce the risk? • Is the reduced risk acceptable?

  10. General Internal Controls • Create, approve and update procedures to help ensure assets are protected • Ensure that procedures are followed • Establish separation of duties

  11. CAPR 173-1 Finance Committee Requirements • Establish in writing a list of authorized approvers and their signatures • Meet at least once per quarter and maintain finance committee meeting minutes in writing • Approve all expenditures in excess of $500 • Conduct fundraising activities IAW CAPR 173-4 as approved by the wing commander

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