It’s important for a nonprofit’s finance committee to have a flexible workplan that allows for adjustments based on emerging needs and priorities. Regular meetings and communication with the executive director, finance staff, and other relevant stakeholders are crucial to ensuring effective collaboration and achievement of the committee’s objectives.

The workplan for a finance committee of a nonprofit organization may vary depending on the specific needs and priorities of the organization.

A Finance Committee’s Typical Workplan


  • Establish Goals and Objectives: The finance committee should annually define its goals and objectives for the year. This may include areas such as budgeting, financial reporting, fundraising, risk management, and compliance.  Timelines and outcomes for each initiative should be documented for transparent and effective communication.
  • Budget Development: Work with the executive director and finance staff to develop the annual budget. The finance committee should drive the level of detail included in the budget it ultimately recommends to the board of directors.  Review and analyze the proposed budget, ensure alignment with strategic goals, and make recommendations for adjustments as needed.
  • Financial Reporting and Analysis: Review monthly, quarterly, and annual financial statements. Analyze financial performance, identify trends, and provide recommendations to improve financial stability and efficiency. Ensure accurate and timely reporting to the board.
  • Internal Controls and Risk Management: Regularly evaluate existing internal controls and policies. Identify areas of improvement to mitigate financial risks. Review and update financial policies, such as procurement, cash management, and expense reimbursement, as necessary.
  • Fundraising and Revenue Generation: Collaborate with the development or fundraising team to assess fundraising strategies, review grant proposals, and evaluate revenue diversification initiatives. Monitor fundraising performance and make recommendations to enhance revenue generation.
  • Investment Oversight: If applicable, monitor the organization’s investment portfolio and ensure compliance with investment policies. Review investment performance reports, select investment managers or advisors, and provide guidance on investment decisions.
  • Compliance and Legal Matters: Stay updated on financial regulations and tax laws relevant to the organization. Review and approve financial policies, contracts, and compliance reports. Ensure compliance with nonprofit reporting requirements and tax filings.
  • Board Education and Communication: Provide financial updates and reports to the board during board meetings. Offer financial literacy training or workshops to board members to enhance their understanding of financial matters. Collaborate with the governance committee on financial governance and best practices.
  • Audit and Financial Review: Coordinate with external auditors or conduct internal financial reviews. Oversee the audit process, review audit findings, and ensure implementation of audit recommendations.
  • Strategic Financial Planning: Work with the executive director and board on long-term financial planning. Assess the organization’s financial sustainability, evaluate revenue streams, and make recommendations to support the achievement of strategic goals.
  • Ad Hoc Projects: Allow time to address any special financial projects or initiatives that may arise during the year, such as financial system upgrades, technology investments, or merger and acquisition considerations.

Establishing an annual calendar for the committee ensures that the committee will attend to each of these important responsibilities and provides staff leadership and committee members with the runway necessary to prepare.  Planning can be your finance committee’s secret weapon for increasing engagement, maintaining organizational stability, and positively impacting your mission.

For assistance addressing the elements in your plan, please contact Kaydee Ruppert.