The Finance Committee is charged with the responsibility of developing the annual budget for the ACS Division of Chemical Education (“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. 

In comparison with other committees, the Finance Committee has a relatively large number of ex officio voting members: the Division treasurer, the three members of the Division chair succession, the Director of the ACS Exams Institute, the treasurer of the 2YC3, and one representative each from the Board of Publication and the BCC. An appointed member of the Board of Trustees of the Exams Institute shall serve as an ex officio non-voting member. Other ex officio non-voting members may be appointed as necessary. 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. 

The Finance Committee also includes appointed voting members, including its chair. These members are appointed on the basis of their expertise, their interest in serving, and/or the need of the committee to develop leadership. As many voting members may be appointed as deemed necessary. 

The Finance Committee meets in open session, moving to closed session if needed.

Members of the Committee are appointed for 3-year terms, renewable for a maximum of three consecutive terms. Members appointed ex officio each have a 1-year term, renewable as determined by the entities they represent. The Finance Committee chair is recommended by the Division Committee on Personnel and Nominations (CPN) and approved by the Division chair succession.

1. Meetings 
Meet either in person or virtually at the fall and spring national meetings. Set this meeting at a day/time prior to the Division Executive Committee so that information can flow from the Committee to the Division Executive Committee. 

As needed, meet virtually at other times during the year so that the annual budget recommendation and other time-sensitive information can flow to the Division Executive Committee for review or approval. 

The committee chair (or a designee by the chair), with help from other committee members, will draft the minutes and action items from each committee meeting. This draft is to be approved at a subsequent committee meeting and then securely archived. 

2. Annual budget 
Work with the Division treasurer, representatives of the ACS Exams Institute and the Board of Publications, and representatives from a business management firm (if employed by the Division) to develop an annual budget. 

Recommend to the Division Executive Committee an annual operating budget based on input from multiple sources, e.g., the treasurer, other Division officers, Division committee chairs, business management firm, and auditors. 

Monitor the Division budget for actual expenses and revenues to ensure that spending authorities and income revenues are performing as expected. Recommend budget adjustments to the Division Executive Committee, as necessary

3. Financial monitoring, policies, and decisions 
Collect, review as needed and archive the annual budgets from the Journal/Board of Publication and Exams/Board of Trustees once approved by the respective boards. Collect, review as needed and archive the overall annual income vs. expenses reports from the Journal/Board of Publication and Exams/Board of Trustees once approved by the respective boards. These documents in conjunction with the budget and income vs. expenses for the Division will then be used to evaluate the financial health of the Division and also be used to evaluate Division programs, activities and policies for overall financial impact.

Work with the Division treasurer and with the chair succession to recommend financial policies and decisions (e.g., investment policy, travel policy, policy for supporting events, merit raises for Division employees) to the Executive Committee for approval.

Work with the Division treasurer to ensure that periodic audits are performed and become part of the Division records.

Monitor internal and external trends that will impact or influence Division finances (e.g., meeting attendance, publication sales, changing demographics, competition, dues level).

4. Committee reports 
Submit consent agenda reports prior to each national meeting, as requested by the Division secretary.

Receive financial reports from the Division treasurer, from the auditors, and from the business management firm, the Board of Publication and the Exams Institute. Confirm that these reports are submitted to the Executive Committee.

Work with the Division treasurer and Division secretary to keep financial records, including committee minutes, and retain these records as required by ACS records retention policy.

5. Investment subcommittee 
Appoint several members of the Finance Committee, including the Division Treasurer, to meet quarterly (or as otherwise determined by the Treasurer). The subcommittee reviews the investment portfolio and reports periodically.

January: 

New members of the committee meet with the committee chair, the Division Treasurer, and any other interested committee members for an on-boarding session. 

The Finance Committee chair sends to all committee members an updated roster, and also checks that the committee roster has been updated on the CHED website. The chair also sends the text from the Ops Manuel that pertains to the Finance Committee. 

The investment subcommittee reviews the investment portfolio, doing a compliance check and reviewing the alignment of the accounts with the expected returns and consistent with current market conditions. The subcommittee reports this information both to the Finance Committee and to ExComm.

February: 

As needed, the Finance Committee meets virtually to: 

• review the budget for the present year. 
• work on any other items needed for the spring meeting of the Division Executive Committee. 

Later in the month, the Finance Committee chair sends: 

• a draft agenda to committee members for the spring meeting of the Finance Committee. 
• a consent agenda to the Division secretary for inclusion in the spring Executive Committee agenda.

March/April:

The Finance Committee meets at (or prior to) the spring national meeting of the Society.

The Division treasurer gives a report, including investments.

Ex officio members from the Exams. Institute and the Board of Publications give financial reports.

April-May-June 

As needed, the Finance Committee meets virtually to: 

• work on and recommend a budget for the coming year. 
• work on other items needed for the fall meeting of the Division Executive Committee.

The Investment subcommittee meets to review the first quarter performance of the investment portfolio, and address any other relevant issues.

July: 

The Investment subcommittee again reviews the investment portfolio, doing a compliance check and reviewing the alignment of the accounts with the expected returns and consistent with current market conditions. This information is reported both to the Finance Committee and to ExComm. 

The Finance Committee chair or the Division Treasurer sends: 

• the budget recommendation of the Finance Committee to the chair succession to bring to the Executive Committee for approval. 
• a draft agenda to committee members for the fall meeting of the Finance Committee. 
• a consent agenda to the Division secretary for inclusion in the fall Executive Committee agenda.

August/September: 

The committee meets at (or prior to) the fall national meeting of the Society. 

The Division treasurer gives a report, including investments. 

Ex officio members from the Exams Institute and the Board of Publications give financial reports.

The committee reviews the operations manual and makes any adjustments that reflect changes in the practice of the committee. These changes are reported to the Member at Large in early December.

At this meeting, committee members completing their terms of office are recognized and thanked for their service

In response to a request by CPN, the Finance Committee chair consults with committee members in order to submit a list of candidates for committee membership to replace those who are completing their terms of office in the current calendar year.

September: 

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

September-October-November-December:

As needed, the Finance Committee meets virtually to: 

• review the budget for the present year. 
• work on any other items needed for the fall meeting of the Division Executive Committee. 
• hear a report from the Investment subcommittee 

The treasurer, the Finance Committee chair, and the chair succession start the process of contract renewals (e.g., for executive assistant). Included in this process is the annual evaluation as well as the determination signature authority. The contracts should be in place in a timely manner before their expiration date.

December:

The Division executive assistant, working in conjunction with the CPN chair, sends thank-you letters to all committee members who completed their terms of office and will not be reappointed. The chair of this committee is copied on these letters. 

Prior to the end of the year, the committee should consider if any adjustments to their Operations Manual should be made. If so, those updates need to be forwarded to the Member at Large by early December. Any changes will be compiled and forwarded to the Division secretary before the end of December so that any edits to the Operations Manual can be recorded. 

Documents of long-term value (i.e., minutes, budgets, treasurer reports, consent agendas, financial policies) are archived in a committee folder in DropBox. If completing his/her term of office, the committee chair prepares for the transfer of responsibilities to the incoming chair by January 1.