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ICF FINANCE COMMITTEE

The Finance Committee (“Committee”) shall exist for the purpose of implementing and maintaining the Islamic Center of Frisco’s (“Center”) finances under the guidance of the Board of Directors (“Shura”). This Committee shall serve at the direction of and at the pleasure of the Board. This Committee shall have no authority to speak on behalf of the Board or to bind the Center financially or contractually.

Committee Members

Thameem Ansari Shura Liaison
   

 

Mission

The mission of the ICF Finance Committee is to perform various finance related activities and make sure the accounting and bookkeeping is uptodate. The Finance Committee will coordinate with other departments and Committees to ensure the bills and receipts are maintained, track the budget vs expenses and support them in finance related areas.

Vision

The vision of the Finance Committee is to provide a ubiquitous, secure, and seamless experience to all types of finance resources available through reliable and robust reporting to enhance Islamic learning and help the Islamic Center of Frisco achieve its operational, educational, and outreach objectives.

Structure

This Committee shall consist of the following members:

  1. Shura member who is appointed as Treasurer by the Board
  2. Treasurer will act as Chairperson as well
  3. A standing committee consisting of a minimum of 5 members and maximum of 8 members

The following guidelines should be followed for the Committee:

  • The Chairperson shall draft the agenda and preside at all the Committee meetings.
  • The Chairperson will designate a member for taking notes at all meetings and submitting a summary of the meeting to the Board Liaison (Board Member).
  • The Chairperson shall inform all recommendations or suggestions to the Board Liaison.
  • In the absence of the Chairperson, a member designated by the Chairperson will preside at the meeting.
  • Members are appointed by the Board. Members are selected from the pool of applicants, and priority would be given to applicants who have not served in any Committees earlier and have experience related to the purpose of this Committee.
  • If at any time this Committee has less than 3 members, and there are no applicants in waiting, the Shura can appoint any Center member to become a member of this Committee.

Roles and Responsibilities

Responsibilities for the ICF Finance Committee include, but are not limited to:

  1. Budgeting: Finance Committee will assist other committee members to come up with the budget and track their expenses against the budget. Budgets should be approved by the Treasurer and the Board. 
  2. General Accounting: ICF has adopted Quickbooks as the accounting and bookkeeping software. Use Quickbooks to keep track of all the income and expenses. Categorization of both income and expenses are handled by the finance committee using the quickbooks software. 
  3. Reporting: Finance committee is responsible for generating reports on a monthly basis to distribute to the Shura and to the community. 
  4. MOHID: MOHID is used as a donation management system at ICF. Manage donors, pledges, donations and other program revenues using the MOHID system.
  5. Bills & Invoices: Process bills and invoices in a timely manner and keep track of the receipts. 
  6. Reimbursements: Finance committee is responsible to process the reimbursements submitted by the volunteers. Reimbursements should be processed in a timely manner. 
  7. CAP: Finance Committee is responsible to process any Community Assistance Program (CAP) applications approved for payment. 
  8. Cash Collection & Deposit: Finance Committee is responsible to collect the cash from donation boxes located in the masjid, count them and deposit them to the bank. 
  9. Fundraising: Finance committee will closely work with the Fundraising committee and provide adequate support during and after the fundraising events. 

 

For questions about MOHID donations, program fees, and any other inquiries, please email finance@friscomasjid.org 

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