Finance Chair Position Description

The aim of the Board in general is to deliver optimal value to all of our members for the year.

In order to deliver this aim, the Board expects to utilise membership funds, sponsorship contributions and any other revenues generated to create outstanding learning events, networking opportunities and other value enhancing initiatives. The Chapter does not expect to make any specific surplus or deficit – but will endeavour to ensure that all Members get full value for their membership for the year ahead.

The Finance Chair is responsible for monitoring, reporting, and managing all of the other Chairs in controlling, the financial aspects of running the Chapter.

Together, we have identified the following goals, responsibilities, benefits and expectations of you in your position as Finance Chair.

Finance Chair Goals

  • Provide a clear budget and expectation for each Chair before they start their term

  • Maintain a healthy reserve for the Chapter 

  • Monitor budget vs actual and work with the Board to make adjustments where necessary to keep the overall budget on track

  • Ensure all compliance and fiduciary responsibilities are being adhered to (ASIC, ATO, OFT, EO Global etc)

To achieve these goals or other objectives for the Chapter, you may have a number of ideas and initiatives that you wish to pursue. Many of these ideas would have been generated during your time at the GLC based on the experiences of other Chapters around the world. You may also have discussed some ideas with your predecessor during succession meetings. You should raise these ideas for consideration with the Board at the Strategy Summit.

Finance Chair Activities

  • Liaise with fellow board members to understand their financial needs for the year

  • Create a conservative budget for the Chapter and each Chair for the year based on the strategic plan for the Chapter

  • Hold the other board members accountable to their budgets

  • Keep accurate and detailed financial records including accounts receivable and accounts payable

  • Stay up to date on Chapter, Area, Regional and Global initiatives

  • Regularly reporting including but not limited to Budget v Actual, P & L, Balance Sheet, Statement of Cashflows, Cash in Bank and Reserves