The Finance Committee Chair is appointed for a two-year term by the incoming President, immediately after the installation of the new Board. Volunteers are to serve as members on this committee for the two-year period. There should be not be less than three nor more than five members, including the Chair, with not more than one member from any one Club. The outgoing Treasurer becomes an adviser to the committee.
The Committee acts as a resource for the Treasurer and help in the investigation of investment possibilities for FAWCO. It may recommend transactions involving FAWCO funds, but may not take action itself.
The Committee receives from the Treasurer at least one financial update on the current two-year budget at least four weeks prior to the Interim Conference and prior to the Biennial Conference. The Committee reviews and present possible revisions to the budget during the Interim Conference and present a proposed two-year budget at the Biennial Conference.
The Committee presents a proposed budget, based on the results of the past fiscal terms, the recommendations of the Treasurer and the President, and whatever can be predicted about future income and expenses, to the Council
A copy of the final budget, as accepted by the Council, is distributed at the Biennial Conference for inclusion in the Biennial Conference Manual.
Candidates for President and Treasurer are invited to attend budget preparatory meetings.