AORE to maximise our resources. The FAC is chaired by the Treasurer and composed of three members who were recruited and vetted based on their experience managing large, complex budgets, knowledge of finances, and investments. The Executive Director is a non-voting member of the committee. The FAC is responsible for a number of tasks including:
● Ensuring compliance with local, state and federal regulations governing nonprofit financial reporting.
● Ensuring there is a policy for Form 990 completion, review and submission for the BOD to fulfill its fiduciary oversight.
● Ensuring complete, accurate financial records are maintained, monitor reports, and ensures compliance with financial investment policies.
● Annually reviewing the policies for reserves and for investments. Makes recommendations to the BOD for all financial policies.
● Reviewing annual budget proposed by the Executive Director prior to Board approval and provides insight, questions and recommendations as appropriate to the Executive Director.
● Interpreting the ideas and vision submitted by the BOD and advising the BOD on whether the draft budget and investment strategies will achieve the stated goals.
● Working with the board to safeguard the organization's financial assets and make sure that any investments are wisely managed.
AORE Budgeting
Performance Based Budgeting
AORE uses Performance Based Budgeting in the development of the annual operating budget.For example, if AORE determined that increasing charitable
A Performance Budget is a budget that reflects the input of resources and the output of services for each unit of an organization.
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The Financial Advisory Committee
The Financial Advisory Committee (FAC) is a Board Committee created in 2011 to develop
policies that expand the Association’s institution knowledge, offer guidance over many years,and allow
and allow AORE to maximise our resources.