Finance Committee Toolbox
The finance committee serves one of the most important functions in all levels at Civil Air Patrol, especially at the unit, wing, or region. This team develops procedures and policies to ensure financial management is not only secure, but also accurate and fiscally sound.
The strenth of finance committee can impact the wing significantly. This group should consist of dedicated members with diverse perspectives in CAP, whether programatic or service oriented, financial and non-finacial backgrounds and the ability to ask questions. One should not fear this position because the toolbox along with the counsel of your Wing Financial Analyst will provide tremendous guidance as to how finance is managed.
Your Wing Financial Analyst can answer any questions about the items in the toolbox and can assist in applying these to your specific wing.
The following items should be reviewed monthly:
- Outstanding bank reconciliations items-investigate outstanding checks over 3 months old, all outstanding transfers, and outstanding deposits older than 5 days
- Accounts Receivable Aging Detail Report-investigate items over 90 days old
- Accounts Payable Aging Detail Report-investigate items over 30 days old