Charter for the Finance Committee — W3C Inc Board of Directors

Purpose

The Finance Committee assists the Board in fulfilling its oversight responsibilities to hold the Consortium to account regarding:

• On-going financial viability
• Financial budgets and the availability of all analysis relevant to Consortium finances
• Internal controls and financial/accounting processes
• Accuracy and timeliness of financial statements

Responsibilities and Duties

These following duties are not exclusive, and the Board may modify or supplement them as appropriate:

• Review the proposed operating budget for W3C (including partners) and make recommendation to the Board for approval
• Recommend and monitor W3C’s financial performance against the approved budget and benchmarks; and recommend any necessary corrective actions to the Board for approval
• Assess and communicate the on-going financial health, potential financials risks, and future needs of the W3C including recommendations for funding
• Review the accuracy of accounting and financial statements (Income Statement, Balance Sheet and Cashflow Statements)
• Review compliance with all tax regulations and reporting requirements
• Provide oversight of the organization's financial controls (i.e., bank accounts and signers)
• Review any reports and information received from the organization's auditors, as applicable
• Review the member dues and make recommendations to the Board

Composition

The Committee consists of at least three Directors appointed by the Board.

Officers are standing guests of the Committee. Any Director may attend meetings.

Delegated powers

None.

Policies

The Committee will operate according to the Bylaws and all applicable Board-established policies, including (but not limited to) the Guest, Communications, Transparency, Confidentiality, and Conflict of Interest policies.

Meetings

The Committee will meet at least quarterly, or more often as determined by the Chair(s). The minutes of any Committee meeting shall be promptly provided to the full Board.

Approved 20 October 2022.