Finance Committee

MISSION

The purpose of the Finance Committee is to manage the 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 consists of the president, the treasurer, the two senior vice presidents and the assistant treasurer.

MEETINGS

The committee meets as needed in order to address the tasks outlined committee’s mission. 

PROCEDURE

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

• The Committee requests from each institute chapter and technical group and appropriate committee chairpersons a budget detailing the income and expenses anticipated for the following fiscal year.
• These budgets, together with other revenues/expense, become the basis of the society's fiscal year operating budget, which is prepared for consideration by the Executive Committee. This operating budget details expected income and expenses for the following fiscal year and is presented to the Executive Committee for concurrence and is then presented to the Board for approval.

Oversee, and insure that an audit is performed yearly to review the financial records to ascertain that the society's funds, including investments, are properly accounted for. 

Manage the invested funds of the Section within stipulated guidelines so as to maximize the average long-term return on investments. The Section's Operating Reserve Fund is excluded from this committee's defined invested funds.

• The committee's actions are governed by the society's current investment policy. Changes in the policy's guidelines require formal action by the Board of Government. The committee reports annually, at a minimum, to the Board of Government on the performance of the invested funds and on any proposed changes in specific investments or in the guidelines. Proposed changes are accompanied by thorough explanations. The treasurer is the custodian of the invested funds.

CHAIR

Kathryn Swanson, PE
CDM Smith
75 State Street, #701
Boston, MA 02109
Tel: 312/780-7885
Email: finance.comm@bsces.org