The Finance Committee works with management to ensure ongoing oversight of FEDA’s budget, financial goals and associated reporting by:
- Working with management to develop FEDA’s annual budget
- Presenting FEDA’s budgetary and financial goals to the board
- Ensuring a high level of financial reporting and monitoring to the board
- Ensuring management has proper financial controls in place and is implementing those controls.
The Compensation Committee ensures ongoing oversight of FEDA’s executive and other employee compensation structure and benefits programs by:
- Reviewing the market-based salaries, bonuses, and benefits of other organizations with similar purpose, budget size, geographical region, and job responsibilities
- Making recommendations to the board for each staff position’s salary range and the employee benefits packages provided to employees
- Reviewing proposals for the use of independent contractors in consideration of market-based contractual fees and applicable current law; make recommendations to the board regarding proposals
- With management, periodically reviewing FEDA’s human resources policies to ensure they reflect current laws and regulations
The Audit Committee works with management to:
- Select an audit firm
- Review the draft audit and 990 as presented by the auditor
- Review the management recommendation letter
- Guide the board through the audit presentation and ensure follow up on any issues.