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You are here: Home > Committees > Finance Committee

Finance Committee

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.

The Committee has played important roles in evaluating the financial portions of the new collective agreement, in evaluating the requirement for new cash registers, in reviewing how we track and control shrinkage, and in recommending membership policies with financial implications, such as the sizes of our annual fees and the way we collect them. Each spring, it drafts annual budgets for Board approval. Projects that may arise in the future include development of a comparative price survey, suggestions to further revise our markup policy, evaluation of proposals to revise our membership structure, and analyses of the more detailed sales information our new cash registers can provide.

The committee meets monthly, generally on the evening of the last-but-one Monday. The Committee is limited to five members, of whom one is the Treasurer. The General Manager and the Bookkeeper attend part of the meetings but are not considered Committee members.

The finance committee can be contacted via email: finance@karmacoop.org

Members

• Donald Altman
• Lisa Anderson
• Quincin Chan
• Howard Kaplan (Treasurer, Board Member)

Building Loans

Karma is now collecting voluntary Building Loans again, starting in September 2010.

Download a sample certificate that shows the terms of the loan.