Updated June, 2016
This Committee shall oversee all accounting aspects of CAMFT’s annual
This Committee shall be comprised of three (3) members, none of whom shall
be currently serving on the Finance Committee or serving on the Board, to
ensure independence. Committee members shall be appointed, with the approval
of the Board of Directors. Diversity in committee composition is desired.
Committee Member Requirements:
Committee members shall have: (1) knowledge of the primary activities of the
organization; (2) the ability to read and understand fundamental nonprofit
financial statements, including a statement of financial position, statement
of activities and statement of changes in net assets, statement of cash flows
and key performance indicators; and (3) the ability to understand key operational
and financial risks and related controls and control processes.
Two (2) Committee members shall serve staggered terms of two (2) years each,
one (1) Committee member shall serve a term of one (1) year. Committee members
are appointed by, and serve at the pleasure of, the CAMFT Board of Directors.
A member may serve as Chair for up to two (2) years, if re-appointed.
The Committee shall hold two (2) meetings per year (typically in
January and February) via conference call. The Committee would also meet
in the Fall of years that the Auditor engagement would need to be reviewed
updated. The Committee communicates as necessary via email.
- Oversee the organization's internal accounting controls
- Select the external auditors
- Review the external auditors' annual audit plan, the annual report, management
letter, and the results of the external audit.
- Committee members are required to sign: Committee Member Participation
Agreement, Conflict of Interest Policy, Anti-Trust Compliance Policy, and
Consent to Electronic
In addition, the Committee, or at least one Committee member, as designated
by the Committee, shall have an annual private conversation with the auditor.
The Committee reports to the full Board of Directors.