BOARD COMMITTEES - FINANCE COMMITTEE
It is the fiduciary responsibility of the Board of an organization to be accountable for the finances. In other words, the Board is expected to oversee the financial affairs of the organization and is accountable to the donors, government, community and society at large. Therefore, the Board has the ultimate responsibility for the financial affairs of the organization.
However, not all Board members would have the financial management acumen. Secondly, since the Board members provide voluntary service to the organization, they may not have adequate time to devote to detailed financial oversight. Therefore, the Board sometimes appoints a Finance Standing Committee consisting of some Board members and specialists.