Friday, July 29, 2011

Appointing a Financial Review Committee

I am the newly elected President of my local unit, and I have discovered that my predecessor did not appoint a financial review committee.  Should I ask him to do so now?  Also, from my quick look at the records, it appears that some items are missing—what should I do about those.     
Because you are now the President of your unit you are the person authorized to appoint a financial review committee.  Once you have made the appointment, the review committee should be given the financial records that you have, and the committee should note in its report what items, if any, are in fact missing.  Sometimes it’s just a matter of incomplete documentation, but other times the absence of information to support an expenditure could indicate a more serious issue, so until the review has been completed and the report submitted it’s difficult to advise what other steps—if any—you should take.  The review committee’s reports should include recommendations about how to make sure the unit’s financial records are complete going forward.