The Finance Committee at St. Joseph University plays a critical role in overseeing and managing the institution’s financial activities.

Responsibilities of Finanace Committee :

• Review of Financial Statements: Examine the university’s financial statements (income statement, balance sheet, and cash flow) to ensure they are accurate and reflect the true financial position. Review the annual audit reports and discuss findings with auditors to ensure compliance with regulations and best practices.
• Budget Development & Approval: Work with senior administrators to create a balanced annual budget, considering revenues, expenditures, and funding for capital projects. Approve the final budget before presenting it to the university's governing body (e.g., Board of Trustees).
• Investment Oversight: Monitor and review the management of the university’s endowment and other investments. Ensure that the university’s investments align with its financial goals, ethical standards, and risk tolerance.
• Capital Planning and Fundraising: Provide input on long-term capital planning and infrastructure development, ensuring that investments support academic and research goals. Advise on fundraising strategies to generate additional revenue through grants, donations, or partnerships.
• Compliance and Legal Requirements: Ensure compliance with federal, state, and local financial regulations, as well as accreditation standards. Maintain an awareness of changes in laws or financial reporting requirements that may affect the university.
• Monitor Financial Performance: Conduct periodic reviews of financial performance against the approved budget, investigating any variances. Make recommendations to the university leadership if corrective actions are necessary.
• Reporting and Communication: Prepare reports on the financial health of the university and present findings to the university's board, faculty, staff, and other stakeholders. Ensure that all financial decisions are communicated clearly and promptly.