Karma’s Finance Committee acts as an advisor to the staff and the board on financial matters. It also acts as an informal auditor, commenting on the quality and accuracy of financial records at the Co-op. This includes reviewing our monthly statements, ensuring their accuracy and their compliance with audit requirements, and working with the auditor to prepare an annual statement appropriate to Karma’s needs. The Committee often recommends board or management action, based on what the statements report.
Recently, the committee played an important role in re-evaluating the financial portions of a new agreement. They evaluated the requirement for new cash registers, which were implemented into the store, as well as reviewing how we track and control shrinkage. Shrinkage is a term used for products that have reached their expiration date and can no longer be sold on Karma’s shelves.
In 2011, it helped to restructure our membership policies, such as the size of our annual fees and the way we collect them. Each spring, it reviews annual budgets for board approval. Possible future projects include developing a comparative price survey, revising our markup policy, evaluating proposals to revise our membership structure, and analysing of the more detailed sales information provided by our new cash registers.
The committee generally meets on the third Monday of every month. The size of the committee is limited to five members. The General Manager and the Bookkeeper attend part of the meetings but are not considered Committee members; currently, the same applies to the Treasurer of the board.
Interested in learning more or joining the Finance Committee? Contact us at firstname.lastname@example.org
- Alice Barton
- Linda Doran
- Howard Kaplan