The Finance Committee reviews the financial performance of NKF on a monthly basis and reports the results to the Board on a quarterly basis. Its functions include annual review of operating and capital expenditure budget and forecast and recommends, as appropriate, to the Board for approval; review of quarterly financial performance against budget and previous year, and review and approval of Finance policies and procedures. It also reviews and approves all extra-budgetary expenditure beyond the delegated management authority. In respect of extra-budgetary expenditure that are beyond the delegated authority of the Finance Committee, it makes the appropriate recommendations to the Board for approval. The Committee also oversees the Tender Committee.