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Finance Committee

Finance Committee Page

Finance Committee Page

Board of Education - Nordonia Hills City Schools
Proposed Finance Committee Structure

Mission Statement: The Finance Activities Communications Team (FACT) will serve as a liaison between the Board and the Community. FACT will provide an objective perspective on various school finance topics while working directly with the two Board committee members.  

Vision:
1.    Confirm assumptions used by the Board and Treasurer and raise the level of credibility regarding the District’s finances.

2.    Communicate effective use of financial resources (cost saving measures).

3.    Compare financial facts to Summit County districts and “similar” districts as identified by the Ohio Department of Education.

Objectives/Action Plans:

1.    FACT will review the annual financial audit, demographics of the communities, student enrollment, the five-year financial forecast and quarterly financial statements prepared by the Treasurer.

2.    FACT will undertake projects as determined by the Board. For example, FACT may analyze comparative financial data with other Summit County districts or “similar” districts as determined by the Ohio Department of Education as well as State averages or review both funded and unfunded federal and State mandates. FACT will not undertake any projects without first obtaining Board approval.

3.    FACT will prepare a report to the Board on a quarterly basis to review their actions. FACT will not issue any reports to the Community without prior Board approval.

Facts about FACT:
FACT will be comprised as follows:
  • Treasurer
  • Two members of the Board of Education
  • Community members (not to exceed eight)

Selection Process:
Community members who are interested in learning more about financial issues impacting Ohio public schools; particularly, Nordonia Hills School District should send a letter of interest and the attached application to the Board President. 
Committee members will be selected and approved by the Board for a two year term beginning in January 2013. The selection process will commence at the November regular Board meeting on November 19, 2012.


Meetings will be held on a quarterly basis in the IBC conference room on the second floor of the Board Offices from 7:00 to 8:00 A.M. on the fourth Monday of the month (unless FACT agrees on a different time and/or day of the week). 

Download FACT Application


Within 90 days of the expiration of the two year term, the incumbent members may reapply to serve on FACT.

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