The Finance Committee consists of six members, with one-third appointed each year. At the end of a member's first term, the Nominating Committee, in consultation with the Finance Committee clerk, may ask the member to consider serving for a second three-year term. The clerk of the Finance Committee shall be a member of the Monthly Meeting, and the Treasurer is an ex-officio member of this committee.
Responsibilities of the Finance Committee are as follows:
- The committee shall report to the Monthly Meeting and meet as necessary.
- In Ninth Month (September) of each year, the Finance Committee shall ask each committee clerk for a statement of the budgetary needs of that committee for the coming year.
- In Tenth Month (October) of each year, the Finance Committee shall meet to develop the next year's budget. The proposed budget is presented to the Monthly Meeting in Eleventh Month (November), and is considered for approval by the Monthly Meeting in Twelfth Month (December). As soon as possible after acceptance by the Monthly Meeting, the budget, the finance letter (see below), and the Treasurer's final report for the year just ended are mailed to members and attenders.
- Each year, the committee shall send members and attenders a letter reminding them of their financial responsibility to the Monthly Meeting.
- The letter should also include the budget for the coming year and the Treasurer's financial report for the year ending.
- The committee is responsible for the oversight and execution of the annual budget through the Treasurer.
- The committee oversees the accounting methods used and the adequacy of the financial reports given by the Treasurer.
- The committee shall arrange for an independent audit or review of the Treasurer's books and records each year, and reports the results of the audit or review to the Monthly Meeting.
- The committee shall make adequate provision for the preservation of all assets not specifically managed by the Committee of Trustees.
- The clerk of the committee and the Treasurer shall maintain close liaison throughout the year so as to be aware of emergency budgetary requirements that may develop and todetermine if such budgetary requirements need to be presented to the Meeting for Business for its consideration and approval.
- The Finance Committee shall appoint one of its members to be a member of the Educational Loan Committee, and one of its members to be a member of the Personal Assistance Committee. One Finance Committee member who is a member of the Meeting shall attend the Trustees' meetings. At least one Finance Committee member shall attend the Baltimore Yearly Meeting Finance Committee meeting that determines the annual apportionment to be paid from Sandy Spring Monthly Meeting to the Yearly Meeting.
- The committee approves appropriate expenditures from the Meeting's contingency fund, when committees have the need to slightly exceed their annual operating budgets.
- When necessary, a member represents Finance on an ad hoc Subcommittee on the Fund for Sufferings. (see Guidelines under Finances, VIII, D).