Purpose: The purpose of the national Finance Committee is to oversee the development and implementation of general national financial policy subject to approval or ratification by the National Executive Committee, and to provide oversight of budgeted funds in the budget and report any significant variance to the National Executive Committee. Standing Rules #6, Core National Standing Committees.
Key Program Statements:
- American Legion Auxiliary National Finance Committee
- Finance Committee Roles and Responsibilities
- Finance Committee Responsibilities
- Governing Board delegated powers
ASSET DEVELOPMENT and FUNDRAISING
Assets are items that can be converted to cash: furniture, investments, receivables or special project funds. The Finance Committee is responsible for the oversight of assets.
The committee is also responsible for ensuring the operation and programs of the organization are adequately funded through diversification of funding sources. Diversification means not relying on one primary funding source (like membership dues). A variety of income streams are necessary so that the organization is less vulnerable should there be a downturn in membership or in the economy.
Relying on membership dues for the majority of the department’s revenue stream is not a best practice. The Department Committee should work with the staff and leadership to develop an annual fundraising campaign plan that encompasses several techniques for generating additional revenue streams. These can be from indirect donations, corporations, donations, special event fundraising, direct mail fundraising, planned giving programs, and in-kind donations.