Finance

MISSION

 

The purpose of the Finance Committee is to manage the daily financial affairs of the society, develop budgets, and oversee the investments of the Societies funds.

STRUCTURE

 

The Chair of the committee is the current President Elect.  The committee also consists of the President, the Treasurer, the two Senior Vice Presidents and the Assistant Treasurer.  The Executive director or designee and Association Manager are members of the committee.

MEETINGS

 

The committee meets once a month, usually the week before the next upcoming board meeting.

CHARGE

 

To prepare for approval by the Executive Committee an operating budget for each fiscal year.

 

Oversee, and insure that an audit is performed yearly to review the financial records of the secretary and the treasurer to ascertain that the section funds, including investments, are properly accounted for.  When the treasurer retires from office, an audit shall be made for that portion of the fiscal year covered by his/her term of office.

 

Manage the invested funds of the Section within stipulated guidelines so as to maximize the average long-term return on investments without speculation (i.e., buying or selling in expectation of profiting from market fluctuations; Webster's). Only the Section's Operating Reserve Fund is excluded from this committee's defined invested funds.