The Finance Committee is charged with the responsibility of developing the annual budget for the ACS Division of Chemical Education (“the Division”) and overseeing this budget and other financial concerns of the Division. This committee also sends recommendations to the Division Executive Committee on financial matters such as the budget, the investment policy, audit practices, ongoing and new expenses, and ongoing and new income-generating activities.
The Finance Committee is a standing committee of the Division, constituted primarily with ex officio voting members but also with appointed voting members, including the chair. If the Division employs the services of a business management firm, a representative of this firm is appointed by the Committee chair as an ex officio non-voting member of the Committee.
Activities and Highlights
In 2017, the Executive Committee brought on board its first business manager, who worked under contract for the Division for four years. In 2021, Blue Moon Consulting was hired to provide a new business manager who continues to this day.
Also in 2017, the chair succession established new guidelines for the operation of the committee:
- Committee membership will better represent those with financial expertise and with a stake in financial decisions.
- The chair of the Finance Committee will be appointed with a 3-year term, renewable with the same protocols as other committee chairs. Prior to this, the chair was the immediate past chair of the Division, i.e., a new person became chair each year.
- Committee meetings will be open, except for a few matters such as personnel.
- Committee meetings will be held prior to the meeting of ExComm, so that recommendations from the Finance Committee can proceed to ExComm.
The Finance Committee continues to meet under these new guidelines.
For current information about the Finance Committee, read the consent agenda submitted by the chair of the Committee to the Division Secretary prior to each national meeting.