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Vice President Finance

The Vice President Finance is an officer position and maintains all financial records and oversees cash flow, financial statements, bank relations, investments and fundraising activates for HRP-MN. This includes monitoring and managing accounts payable, accounts receivable, tax forms, bank statements, monthly financial statements, and insurance. All Treasury functions are included in this position. The Assistant Vice President Finance reports to this position, as do any additional Finance Committee members.

Duties

• Reviews reports prepared by the Association Management firm and sends monthly financial statements to the Board.
• Presents monthly financial overview and back-up explanations at each Board meeting.
• Prepares annual budget forecasts.
• Reviews annual financial statement.
• Maintains and monitors checking account balance on a monthly basis.
• Audits cash flow and reviews account reconciliations each month.
• Signs checks, as needed.
• Files necessary forms with the IRS to maintain non-profit status.
• Trains Assistant Vice President Finance for Vice President Finance duties the following year, when applicable.
• Coordinates financial audits, as indicated.
• Works with volunteer CPA, making aware of critical issues.
• Works closely with President, ensuring that all issues are brought to the President’s attention immediately.

Calendar

• Monthly: Prepares financial statements for Board meeting.
• July: Presents budget forecast to the Officers.
• August: Fine-tunes annual budget forecast, as needed.
• February: Prepares annual budget forecast with the President and President-Elect, for the next year.

Committee Interface

• Provides support to Vice Presidents concerning significant budget variances.

Special Information

• All records must be thorough, accurate, legal, and defensible with respect to audit for a non-profit organization.
• Copies of all invoices and bills are maintained monthly and at HRP-MN’s fiscal year-end.