2023 Assessment Newsletter

Finance Committee

While managing the day-to-day accounting of the NCSPC is handled within the office, the board of directors has legal funding responsibility for the organization’s work. The board is responsible for short and long-term planning, and they must ensure that

To fulfill their responsibilities, board members review financial reports at each board meeting. As per Article IV, Section 4 of the By-Laws: At least once in each year the Board of Directors may secure the services of a competent and disinterested public auditor or accountant and render a report in writing thereon, which report shall be submitted to the members of the Commission at their annual meeting. The annual audit is to render an opinion on financial statements, as well as perform an inherent risk assessment. To date, our audits have been deemed as an “unmodified opinion.” This is the best opinion that can be received from an audit. The auditor also noted there were no outstanding issues with staff or management. The Finance Committee also presents an annual budget for board approval based on cash flow projections and forecasts. As this budget is the framework for program management and overall administrative decisions, it is the responsibility of the Finance Committee to fully inform the board and receive approval before making significant commitments or major new initiatives to ensure it falls within the scope of the Commission’s mission. In addition to the Finance Committee’s annual budget, the Commission has been fortunate to receive funding from NCDA&CS for collaborative international marketing efforts. Additionally, a $5M grant from the North Carolina General Assembly was also received for research to mitigate Guava Root Knot Nematode. These grant funds are restricted, and can ONLY be used for the purposes stated in the grant offering. To make sure we are best using the restricted grant funds, they are placed into investment accounts to gain a better rate of return until they are disbursed for new GRKN research projects. Good governance practices lends to credibility of the organization. It is the goal of the finance committee to protect the organization’s assets and ensure those assets are available to fulfill the mission of the NC Sweetpotato Commission. By continuously evaluating the organization’s financial position and monitoring internal policies, and by looking at the long-term strategy of the NCSPC, our members can have confidence that we are positioning the commission for future growth. accurate systems are in place for administering and effectively using resources and guarding against misuse. This important function of the board-- financial oversight-- encompasses many facets of commission’s affairs from compensation, to approving the annual budget, and ensuring the commission is on a financially stable path.

Thomas Joyner NCSPC Finance Committee Chair

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