Squadron Finance Committee

[Capt Rivera]

From my interpretation of the reg it seems like a Squadron Commander has some latitude in how he/she implements the finance committee. How does your squadron meet this requirement? Do you have any Operating Instructions (OI) to go with the implementation you currently have?

CAP REGULATION173-1                    11 FEBRUARY 2007
FINANCIAL PROCEDURES AND ACCOUNTING REPORT FOR UNITS BELOW WING LEVEL


3. Finance Committee. Each unit commander will establish a finance committee in writing each year. The purpose of the finance committee is to ensure the proper management of the unit's funds. This committee will be composed of the unit commander as the chairperson, the finance officer, and at least one other staff member. Each unit finance committee will:

a. Establish policies and procedures for administering, accounting, and reporting unit funds. Units participating in the Wing Banker Program must forward a copy of these to wing director of finance.

b. Maintain an adequate system of internal accounting controls over all funds in accordance with generally accepted accounting principles.

c. Act on requests for fundraising projects in accordance with CAPR 173-4, Fund Raising/Donations.

d. Approve in writing or via e-mail all expense transactions in excess of $250 unless the expenditure is a recurring expense already approved in writing. Units participating in the Wing Banker Program must provide approval notification to the wing, in writing, by fax or e-mail.

e. Establish in writing a recurring expense policy and limits. This policy will include a list of bills the committee considers to be recurring and whether there will be a limit on the expense amount.

f. Designate the banks/credit unions and savings and loan associations in which funds are deposited, except for units participating in the Wing Banker Program.

g. Approve in writing financial reports and audits before they are forwarded to a higher headquarters. Units participating in the Wing Banker Program are excluded from this reporting requirement.

h. Establish a written policy for bank transfers and limits, if applicable.

i. Meet at least quarterly.

j. Maintain written minutes of all finance committee meetings and approvals. These meetings and approvals may be conducted via teleconference or electronically; however, written minutes, dated and with a list of attendees, must be maintained on file.

k. Once per quarter, perform internal financial reviews of the financial records to ensure compliance with the provisions of this regulation using the Units Below Internal Financial Review checklist, which is located at www.cap.gov/pubs under indexes, regulations and manuals.

[IceNine]

We used the Commander, Finance Officer, And the 2 deputies.

[davidsinn]

We used the Commander, Finance Officer, And the 2 deputies.

Same here except we never meet as such because we have zero money so it's a none issue.

[Pylon]

Why would we need an operating instruction?

The four people (including the two staff officers left to the commander's discretion) are listed on the PA-1.  If that changes, a new personnel authorization is put out.

[Eclipse]

Commander, FM, 2 other staff officers (mainly to insure there are always enough people around to get the signatures necessary).

A PA memorandum was sent to Wing, as well as signature cards and other locally required forms for WBP.

The unit has a mailing list called XX-fm@xx.net.

Either receipts from minor expenses, or discussion from large expenses, occur through this medium, when its approval time, at least two officers indicate "approved" in an email clearly regarding the subject and amount.

Requisite forms are submitted to the WBP and a check shows up where it needs to (usually about a week end-to-end for small amounts).

The email's then also become the meeting "minutes" regarding expenses and approvals, and the FM submits a report to the committee once a month with a summary of balances, etc.

[Capt Rivera]

Although there are no issues that concern me within my squadron as it relates to handling of finances....  I wont be here forever and I don't know that the trustworthy people that are around now will be here forever... I can't see what is to come in 5 or 10 yrs....

• OI - Do they stay active through a change of command until a commander rescinds it?
  If so, we could put in place measures to ensure the fair use of acquired monies far into the future. If we make a good OI with the Wings backing I think it would be hard for someone to try to change it just to be able to have their way. [I tend assume that in a given area, not everyone is always 100% honest, with best intentions, etc]
  
  
  
  
  • _{The reasons I say fair is because I've heard many a story about the squadron who can spend every penny on things related to ES, but can't pay the gas in the van to drive members to PD training or buy basic rocketry material....}
  
  But after jotting down some ideas I can see how you can get into over kill as well...
  
  another thought....
  
  I remember there being material that detailed exactly how things should go...
  
  $xx = 2 people agree
  $xxxx = more people ?
  
  Anyway I can't find the material that came out to help squadrons get on the right track with the wing banker program... anyone got it or can point me in the right direction. I fallowed it, but I didn't memorize it.... [ I bet I skimmed right over what I was looking for more then once]
  
  Like with everything else we do, we should review things and see how its worked and what can be improved. Thats what I want to do.

[IceNine]

<$250 does not require Finance Committee Approval
>$250 Finance Committee Approval

Also, and recurring expenses must have FC approval. (ie electric bill)

Quite frankly I think you are overstepping if you try to dictate how future commander's and their staff will spend money.  Yes there is always the chance that the money will be pilfered, or blown but that is not your concern.

Taking the ability of a commander to control their assets is a horrible idea, and could lead to trouble.

[Eclipse]

A new commander could toss the entirety of anything done as unit-level OI's, SOP's, SOI's, and addendum without having to consult anyone but the reflection in his mirror.

I run every cent through the Committee as a matter of course, frankly I never thought not too...

[FW]

Anyway I can't find the material that came out to help squadrons get on the right track with the wing banker program... anyone got it or can point me in the right direction. I fallowed it, but I didn't memorize it.... [ I bet I skimmed right over what I was looking for more then once]

Like with everything else we do, we should review things and see how its worked and what can be improved. Thats what I want to do.[/list]

You can find everything you need to know on the "Financial Management" Page on eservices.  You can also go to the "Knowledgebase" for FAQs on the topic.

[Capt Rivera]

You can find everything you need to know on the "Financial Management" Page on eservices.  You can also go to the "Knowledgebase" for FAQs on the topic.

Thanks again FW. In case anyone else needed it, here is the link to the Financial Management page: http://www.cap.gov/visitors/members/financial_management/