To ensure the Association’s financial stability and member services by providing oversight on its budget, investments, product sales and fundraising events.
Board Treasurer, Board members and any other Professional Member appointed by the Committee Chair. If you are interested in serving on the Finance Committee, please contact the Association Finance Committee Chair.
DUTIES AND RESPONSIBILITIES:
The primary role of the Finance Committee is to provide the expertise needed to assure the Board that the Association is on sound financial footing. To perform this role effectively, Committee members need to work as a team with the staff Office Manager, as well as accountants, auditors, bankers and other financial professionals. A Finance Committee does not relieve other Board members of responsibility for the financial well being of the Association.
Budget Formation and Information
- Work with the Treasurer to develop an annual budget and seek approval of the budget from the Board.
- Personally and actively support the budget to funding sources, provide needed figures and lobby for funding approval.
- Keep the Board regularly informed of the organization’s financial status.
- Monitor reports on the Association’s overall expenditures by reviewing financial data provided by the Treasurer.
- Review monthly financial statements and financial analyses.
- Review and approve key financial and operating policies, goals and objectives.
- Develop and implement fund raising activities
Investment Policy and Strategy
- Establish an investment policy to maximize the Association’s income and allow the Treasurer to implement the policy.
- Ensure that generally accepted accounting principles (GAAP) are practiced.
- Report the results of an annual audit by an independent auditing firm chosen by the Treasurer to the Board.
- Present to the Board recommendations on matters related to financial institutions, including loans, investments, bank accounts and specific funds established by the Association as recommended by the Treasurer.
- Provide financial perspective and advice on issues addressed by Board committees.
- Provide advice and consultation to the Treasurer.
Long Term Financial Planning and Implementation
- Review all proposals that require a long-term commitment of the Association’s resources and make recommendations relevant to the adoption of such policies.
- Write and regularly update a long-range financial plan for the Association.
- With the approval of the Board President, organize and establish sub-Committees as needed to fulfill the Finance Committee’s duties and responsibilities.