Keith Barnhart, WFA

Functions of a Wing Finance Committee

Primary Roles

Provide management and oversight of wing and unit funds

Use financial resources prudently to successfully accomplish CAP’s missions

Protect CAP assets Establish a positive tone at the

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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.

Areas of Responsibility

• Ensure the wing is in compliance with all financial, regulatory and reporting requirements

• Budgeting• Financial planning• Financial reporting• Risk Management• Establish and monitor internal controls• Assist and supervise subordinate units

Budgeting and Financial Planning

• Develop an annual balanced operating budget with input from the wing staff

• Determine budget levels (referred to as a “class” in QuickBooks®): by entire wing, by department, by activities, etc.

• Approve the budget• Ensure the budget is entered into QuickBooks® 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

Reporting• Determine what and how much

detail should be in the reports • Actual transaction postings should

match the budgeted categories and classes: establish procedures so the WA knows where each transaction should be classed

• Review wing financial reports monthly

• Ensure that CAP required financial reports are filed timely

• Report known or suspected fraud or irregularities to NHQ

CAP Required Financial Reports

Report DueUnit Cash Report Monthly to UnitsUnit Budget to Actual Report Quarterly to UnitsFixed Asset Purchases As NecessaryRaffles Before the first sale of any

ticketGrant Reporting As NecessaryCAPF 174-1: Unit Contributed Facility Worksheet

1 November each year

CAPF 171: Unit Commander’s Financial Disclosure Statement

1 November each year

Information for 1099s Each January

Risk Management

Risk Management

• What is the chance it will happen?

• What will be the impact on the wing?

• What can be done to reduce the risk?

• Is the reduced risk acceptable?

General Internal Controls

• Create, approve and update procedures to help ensure assets are protected

• Ensure that procedures are followed

• Establish separation of duties

CAPR 173-1 Finance Committee Procedures

Meet at least once per quarter and maintain finance committee meeting minutes in writing

Complete quarterly Internal Financial Reviews within 45 days after the quarter

Review and evaluate the most recent Internal Financial Review--document corrective actions in the finance committee meeting minutes

Approve all expenditures in excess of $1,500 through Sertifi

Approve all credit card statements using Sertifi

CAPR 173-1 Finance Committee Procedures

Ensure bank account signatures are current

Review and sign bank reconciliations Authorize transfers of funds between

accounts Authorize and approve business

meals and entertainment expenses Determine if deactivated unit funds

are to be held at wing HQ or transferred to another unit