Finance Committee Purpose and Procedures May 2025

Finance Committee Purpose and Procedures – University Park Recreation District
Purpose:

The Finance Committee (the “Committee”) of the University Park Recreation District (the “UPRD") is a standing committee of the Board of Supervisors (the “Board”).

Its purpose is to provide Fiscal oversight, ACCOUNTABILITY AND STRATEGIC FINANCIAL PLANNING FOR UPRD, PLUS recommendations to the Board and Club management on ensuring the financial health, sustainability, and transparency of its operations and ensuring alignment with UPRD’s mission, vision and values.

Authority:

The Committee operates under the authority of and reports to the Board and is subject to the provisions of UPRD’s bylaws and applicable Florida state laws, including but not limited to, Sunshine Laws, Public Records Laws and Ethics Law.
It is responsible for providing recommendations to the Board regarding UPRD’s direction regarding financial matters, after reviewing same with the Strategic Planning Committee.

Composition and Membership:

The Committee shall consist of 3 or 5 voting members. It shall have one administrative assistant. There shall be an UPRD Board Supervisor appointed as a non-voting liaison from the Board.
Committee members will be appointed by the Board of Directors following the process agreed to with the Board.
The Committee shall include individuals with diverse skills and experience in relevant financial expertise, such as accounting, finance, investment management and other relevant fields.
The Chair of the Committee (the “Chair”) shall be selected by members of the Committee and shall be responsible for setting agendas, facilitating discussions and reporting to the UPRD board, among other duties.
The General Manager of UP shall serve as an ex-officio, non-voting member of the Committee.
Initially, the terms of membership shall be one year for two committee members and two years for three committee members. Committee members shall serve two-year

terms after the initial appointment, with the possibility of one reappointment. The terms will be staggered to help ensure continuity. If a Committee member is no longer able to be a member of the Committee, the Board shall name a qualified replacement for the remainder of the term.
Committee members may be removed by majority vote of the Board with or without cause.

Responsibilities: the Committee is responsible for providing recommendations to the Board and the Strategic Planning Committee for:

Budgeting and Financial Planning:
Overseeing the development of the annual operating budget and capital expenditure budget.
Overseeing the development of the five-year operating budget and capital expenditure budget, including capital reserve requirements for the future.
Monitoring budget performance and recommending corrective actions as needed.
Developing and recommending long-range financial plans.
Monitoring UPRD’s financial and operational performance against industry benchmarks, including KPIs.
Financial Reporting and Audit:
Reviewing and recommending the appointment of independent auditors.
Reviewing the annual audit process.
Reviewing the audited financial statements and management letter.
Ensuring compliance with financial reporting requirements.
Financial Policies and Procedures:
Developing and recommending financial policies and procedures, including those related to accounting, cash management, investments and contract and vendor review, contract/vendor reviews.
Reviewing and updating financial policies and procedures as needed.
Investment Oversight:
Developing and recommending investment policies.
Monitoring the performance of UPRD’s investments.
Ensuring compliance with investment policies.
Risk Management:
Identifying and assessing financial and insurance related risks (LIABILITY EXPOSURE) and related insurance coverage.
Developing and recommending risk management strategies.
Monitoring the effectiveness of risk management strategies.
Investigate any financial irregularities or concerns and report the findings to the Board.
The Committee shall coordinate their work with the UP-Risk Management alliance.
Internal Controls:
Reviewing the UPRD and UPCC accounting internal controls and procedures and recommending changes when necessary.
Compliance:

Reviewing compliance with all applicable financial laws and regulations.
Meetings:

The Committee shall meet monthly as needed, at least bi-monthly.
Regular meeting dates and times should be specified a year in advance.
The Chair shall prepare and distribute the agenda and meeting materials at least a week before the meeting. The administrative assistant shall work with the Chair in scheduling meeting times and locations.
Minutes of all meetings, including relevant Committee plan documents, shall be recorded and distributed to Committee members and the Board.
A quorum for meetings shall be at least 60% of Committee members (present, including members participating remotely.
Matters taken for a vote shall be decided by a simple majority of Committee members (present, including members participating remotely)

Reporting:

The Committee shall report to the Board monthly as needed and at least bi-monthly at regular Board meetings.
The Chair shall provide updates to the Board on the Committee's activities and recommendations in between bi-monthly updates, if needed.
Minutes of Committee meetings with attachments shall be posted to the RD website on a timely basis.

Evaluation:

The Committee shall conduct an annual self-evaluation to assess its effectiveness.
The evaluation and recommendations for improvements shall be reported to the Board.
The Board shall evaluate Committee performance and functionality and make necessary changes to help improve the effectiveness of the Committee

Amendments: Procedures may be amended at any time by a vote of the Board with input from the Board, Committee and stakeholders.