The Finance Committee is charged with developing the annual budget for the ACS Division of Chemical Education (“the Division (GovPro)”) and overseeing this budget and other financial concerns of the Division. This committee also sends recommendations to the Division Executive Committee ("ExCom") on financial matters such as the budget, the investment policy, audit practices, ongoing and new expenses, and ongoing and new income-generating activities.
In 2024, the Finance Committee began its seventh year with new guidelines to provide better continuity in leadership and better representation in its members:
1. The chair now has a 3-year term, renewable for three terms. Prior to this, the immediate past chair of the Division served as the Finance committee chair for a one-year term.
2. New committee members always are welcome! If you are interested, feel free to attend or to contact one of us. Committee meetings are open, except for those on matters such as personnel.
3. The Committee meetings now are held regularly throughout the year and well prior to the meeting of ExCom (to be able to forward financial documents for approval). Previously, the meetings were held only twice a year, after ExCom met at each national meeting.
Currently, the Finance Committee uses the term “GovPro” or “the Division (GovPro)” to refer to the Governance/Programming part of the Division. This new terminology acknowledges the fact that the Division has several entities, e.g., the Exams Institute, 2YC3, and the Board of Publications.
- Met virtually twice (May 2024, July 2024) since the ACS Spring meeting
- Updated documents (agendas and minutes) in DropBox
- Monitored our investments, a subcommittee talked regularly with our investment advisor
- Sent the 2025 budget to ExCom for approval at its Fall 2024 eeting
- Sent a new CHED travel reimbursement policy + reimbursement table to ExCom for approval at its Fall 2024 meeting
- Reviewed CHED 2024 strategic plan and discussed budgetary implications, all with an eye toward better supporting our members
Our next virtual committee meeting already is scheduled in September 2024. Other than the usual financial reports from the Board of Pubs, Exams, 2YC3, and the BCC, we have one new agenda item so far, to re-examine the CHED reimbursement table for the creation of a new column for regularly reoccurring reimbursements not covered by the existing columns. At this meeting, we'll also hear any 2024 budget updates for the Division (GovPro).
At the end of 2025, Cathy Middlecamp will time out as chair of this committee. Thus, it soon will be time to recruit a new chair.