Finance is a term that broadly encompasses the study and system of money, investments, and other instruments that deal with circulation of money. Finances play a significant role in every corporate business or company in the industry. A good finance setting dictates how good a business or venture can be, give an insight of its current status, and inform companies whether or not new projects can be developed. It’s certainly a topic that require maximum information dissemination and cooperation within the committee or a board of a business. Maybe because it talks about money. That is why it is customary for board financial meetings to be initiated by the company president or board manager.
To talk about the current financial status of the company and their ability to move forward. And where meetings happen, minutes of the meeting are drafted as a supplementary document. A document that is just as important as the meeting itself.
Finances can be construed as a separate entity of its own. That is why it is imperative for everyone to be on the same page when in terms of talking about the money that the company makes or has. Minutes of the meeting help supplement the communication in and around the company really well. Minutes are the notes of the events and information that was discussed during the financial meeting of the board. The document highlights the issues that have been raised and covered, the motions that have been passed, what were discussed, and the tasks that need to be completed in order to reach the financial goals that the company has set. It presents all these information and more in a clear and concise manner.
Minutes of the meeting is a relatively handy document to have, especially when meetings cover important elements of the company such as its finances. The minutes can easily help with the information dissemination to the rest of the team or company, especially those that were not part of the actual discussion, or not part of the governing body or leaders of the business. To properly acquaint yourself with the document, inspect what it is and how it works, you can check out these financial meeting minutes samples that we have listed down below. Once you’ve gotten yourself familiar with it, you can then use these samples as a guide or even as a template for your own minutes of the meeting.
10+ Financial Meeting Minutes Samples
1. Financial Committee Meeting Minutes
2. Unit Financial Committee Meeting Minutes
3. Financial Budget Meeting Minutes
4. Financial Forecast Meeting Minutes
5. Minutes of Financial Committee Meeting
6. Financial Council Meeting Minutes
7. Financial Board Meeting Minutes
8. Financial Sub-Committee Meeting Minutes
9. Financial Insurance Meeting Minutes
10. Financial Investment Meeting Minutes
11. Notes of Financial Meeting Minutes
What Is a Financial Meeting Minutes?
Financial meeting minutes are essentially just minutes of the meeting specifically drafted for the financial meetings of a company. It’s composed of the same basic elements that a minutes of the meeting has, only the content itself is different. Minutes of the meeting are documents that contain a written record of the meeting from the financial department of a company, but can generally be used by any other departments as well, from admin even to the faculty. It can serve a multitude of purposes from tracking the overall financial progress of the company, provide details for future tasks or progress that need to be made, to being a solid reference point of agenda for the next financial meeting.
It contains a record of the motions that have been passed, approved or rejected, votes that came through, decisions made by the board that directly affects the whole financial status of the company, the rest of the operations, and the attendance of the meeting. It’s more of a summary of events, not a verbatim transcript of what was said, only the ideas of what was discussed. An appointed member of the department is usually tasked to take the notes of the meeting.
What Should Be Included in a Financial Meeting Minutes
The selected person to take the minutes of the meeting should have a perfectly clear idea of what their task is and how they’re supposed to do it. It unsure, it is best that you approach the president or the board manager of the department to seek clarification. For example, if voting will happen sometime in the meeting, they should clarify whether they’ll have to include the names of the voters in the tally or not. Some departments may even have their own format or parameters to write the minutes, regardless, it should contain the same following components.
- The exact date and time of when the meeting took place, following a proper dating format
- A list of the people present, another list for those who are late or absent
- Motions of the previous minutes of the meeting
- State the clarifications or additional discussions made regarding the minutes of the previous meeting
- Motions regarding the current agenda
- Activities and progress that need to be accomplished
- Steps and proceedings
- Outcomes of whatever voting within the meeting
- Motions that have been raised, approved, or denied
- Recent businesses
- Details for the next meeting such as agenda, date, and venue
After the meeting adjourns, the designated person to write the minutes of the meeting has to gather the necessary resources they need to be able to write the document in a clear and comprehensive manner. Minutes of the meeting is more than just the notes that you took down during the meeting itself, that would just be notes. You’ll have to actually exert extra effort to summarize and come up with a tangible document. Review and outline the information that you have presented and clarify any piece of information that you may be confused about.
Who should approve the minutes of the meeting?
Minutes are usually signed by the secretary of the company or department, but if it’s necessary or customary, the it may also be approved by the president.
What are the 6 types of business finance?
- Cash flow lending
- Angel investors
- Venture capitalists
- Small business loans
What are the types if minutes?
There are three standard types of a minutes of the meeting; action, discussion, and verbatim.
Financial is a vital component for companies and businesses. It gives an organization a very valuable insight in regards to the status of their company. And it requires everybody to be on the same page or just to even have the same ideas for the finances of the company or business that they are under. Meetings and minutes of the meeting can help supplement that really well.
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