Finance and Audit Committee
- Serve as an independent and objective party to monitor the district’s financial reporting process and internal financial control systems.
- Meeting with the district's external auditors, financial advisors and investment advisors, the FAC will review and appraise the efforts of the independent auditors and Financial Services Department.
- Provide oversight on the 2018 Mill Levy Override (5C) spending.
The FAC’s primary financial planning duties and responsibilities are to:
- Become familiar with school finance and the district’s budgeting processes and current financial positions.
- Review and evaluate annual budget assumptions.
- Review and evaluate draft and final budget proposals prior to presentation to the Board of Education.
- Participate in discussions with the public and the Board of Education on various budget proposals.
- Make recommendations for policy changes that would eliminate budgeting barriers and reduce expenses.
- Meet with the district's external auditors, financial advisors and investment advisors for oversight and review.
Other duties and responsibilities also include:
- Review of the district’s debt administration.
- Periodic review of the cash management and investment practices.
- The FAC will be made up of nine (9) members: one Board of Education representative and eight parents or community members.
- Acceptance criteria:
- Applicants will be accepted based on basic knowledge of finance and accounting practices. A minimum of three members of the FAC shall possess knowledge of school finance in Colorado, generally accepted accounting principles (“GAAP”), generally accepted auditing standards (“GAAS”), or generally accepted government auditing standards (“GAGAS”).
- Preference will be given to parents or community members who live within the Adams 12 Five Star Schools boundary.
- Any applicant considered for the FAC shall be independent from any relationship that, in the opinion of the Board, would interfere with the exercise of one’s independent judgment as a member of the Committee.
- Meetings will be held once a month on Wednesday mornings generally toward the end of each month. The group will meet virtually and flex to in-person as able.
- Meetings will be from 8:15 to 9:45 a.m.
- Members will be asked to commit to 2-3 year terms.