Standing Committees

Finance
Purpose:

The Finance Committee is charged with the responsibility for developing suitable investment strategies and fundamental financial resources, overseeing the investment portfolio, advising the treasurer when needed, and conveying the financial concerns of the division members to the elected Executive Committee.

Responsibilities:
  • Based on consultation with the treasurer, recommend to the Division Executive Committee a fiscally sound operating budget derived from input from Division committees and officers.
  • Assist the treasurer in evaluating Division programs and activities for overall financial impact (expenses versus revenues).
  • Assist the treasurer in monitoring the internal and external trends that will impact or influence Division finances (meeting attendance, publication sales, competition, member behavior, price increases, etc.).
  • Assist the treasurer in monitoring the Division budget versus actual expenses and revenues to ensure that spending authorities and income revenues are performing as expected; make recommendations to the Division Executive Committee for adjustments to the budget, as necessary.
  • Ensure that all income-generating Division committees (Awards, Examinations, Publications, 2YC3, and others as appropriate) perform periodic audits that become part of the Division records.
Timetable:

February:

  • Review the annual financial report provided by the Division treasurer or the immediate past treasurer to ensure its accuracy and comprehensiveness. Suggest changes to the report as required. The finance committee chair distributes to committee members the agenda for the Finance Committee meeting, if scheduled to be held at the spring national meeting of the Society. The finance committee chair submits a report to the Division chair of the Committee activities for inclusion in the spring Executive Committee agenda.

March/April:

  • The Finance Committee meets at the spring national meeting of the Society. Chairs of committees that have received audits during the past year report to the Finance Committee at the meeting.

April:

  • The committee chair circulates the minutes and action items of the Finance Committee meeting to all committee members.

July:

  • The Committee chair submits a report to the Division chair for inclusion on the fall Executive Committee agenda.

July/August:

  • The committee chair distributes the agenda for the Finance Committee meeting, if scheduled for the fall national meeting of the Society. The committee chair submits to the Division chair a list of candidates for committee membership to replace those who are completing their terms of office in the current calendar year.

August/September:

  • The committee meets at the fall national meeting of the Society. Committee members completing their terms of office are recognized and thanked for their service.

September:

  • The committee chair circulates the minutes and action items of the Finance Committee to all committee members.

December:

  • The committee chair sends thank-your letters to all committee members who completed their terms of office. Documents of long-term value that are not needed by the committee chair in the fulfillment of his/her duties are sent to the Division secretary. If completing his/her term of office, the committee chair prepares for the transfer of files to the incoming chair by January 1.

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