About the Committee
The Finance & Audit Committee, chaired by the Treasurer, is responsible for evaluating the financial status and expenditures of the Society and for recommending annual budgets, fiscal policies, financial practices, reserve fund strategies, and investment allocations of the Society to the Council for approval. The Committee consists of three or more members of the Society and two ex officio members, the President and President-Elect.
Typical activities include the review and recommendation for approval to Council for the following:
- Financial Statements
- Investment Policy and Allocations
- Internal Controls
- Annual Budget
- Tax Returns
Committee membership is open to all members. Additionally, the Committee may also include nonmembers with significant professional experience in finance and/or accounting. Committee members will be chosen for three-year terms, renewable for one additional term. Committee members are expected to participate and be engaged in Committee activities and have a genuine interest in the mission of the Committee.
Members are expected to participate in two conference calls each year (each call is about three hours in duration) — one in the spring and one in the fall. There may also be an occasional call to discuss time-sensitive matters.