Overview
The Finance Advisory Committee (FAC) supports Ace Makerspace’s financial planning and oversight by reviewing financial information, evaluating policies and procedures, and providing recommendations to the Treasurer and the Board.
The FAC is an advisory body and does not have independent decision-making authority. Its role is to provide analysis, guidance, and recommendations to inform financial decisions made by the Officers and the Board of Directors.
Who Can Be on the Committee
Finance Advisory Committee membership typically consists of volunteers with an interest or experience in finance, accounting, budgeting, or organizational governance.
Why “Advisory” is in the title
The term “Advisory” distinguishes the committee from governing or executive bodies. The committee provides recommendations and expertise but does not approve budgets, authorize expenditures, or establish financial policy. Those responsibilities remain with the Treasurer, Board, or other governing bodies as defined in Ace Makerspace’s bylaws and policies.
Financial Recommendations and Guidance
The Finance Advisory Committee has provided the following general recommendations to the Board:
- Maintain a balanced budget and avoid deficits.
- Use conservative income projections.
- Exclude anticipated grants and donations from expense planning.
- Do not rely on uncertain fundraising as part of expense planning.
- Allocate surpluses to strengthen operational reserves.
From October 2024 until December 2025, the Finance Advisory Committee advocated a surplus budget, with surpluses directed to reserves until sufficient reserve capacity was met. The Finance Advisory Committee reviewed the proposed reserve policies prior to Board approval at the January 15, 2026 Board Meeting.
Impact
Since October 2024, Ace Makerspace has maintained monthly expenses below revenue, generating operating surpluses sufficient to cover the monthly loan obligation each month through September 30, 2026, based on available financial reports.
Committee Formation (June-October 2024)
The Finance Advisory Committee originated in June 2024 through recruitment efforts led by Steven Sheffield (he/him), who was serving as Treasurer at the time. In his capacity as a Director and Officer, Steven recruited volunteers and members to assist the Board of Directors with financial oversight, budgeting, financial reporting, and long-term financial planning.
Following a budget reset in September 2025, Ace Makerspace transitioned from employing multiple administrative staff to operating as a member-run, volunteer-driven organization supported by a part-time operations manager.
An informal committee of eleven individuals formed through online conversation and began meeting weekly on Zoom on October 7, 2024. Per formal request from the informal committee of eleven individuals, the Board officially approved the formation of the Finance Advisory Committee by resolution, in accordance with the organization’s bylaws, at the special board meeting held on October 12, 2024.
Committee History
October 2024 – May 2025
The Committee continued to meet weekly until May 2025.
Beginning January 2025, Ace Makerspace shifted from reliance on a part-time operations manager to an operating model as a member-run, volunteer-driven organization supported by contracted admin services with program delivery of classes by part-time employee instructors and contracted instruction services.
June 2025 – June 2026
As financial conditions improved, participation declined from intial group of eleven members to a core group of four volunteers (excluding the volunteer Board Members) who continued to serve on the Finance Advisory Committee and meeting quarterly in the 2025-2026 fiscal year.
Beginning in 2025-2026 fiscal year, the Finance Advisory Committee responds to Board and Officer inquires in Slack and attends regular Board Meetings when the agenda calls for specific financial discussions.