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Finance Committee Charter

 

Committee /Task Force/ Council Name

Finance Committee (FiCom)

Last Updated

April 11, 2018

Mission / Charge

The Finance Committee is a Standing Committee. Any changes to its Mission, Deliverables, Level of Authority, or Composition require a change to the SLAS Bylaws. The Finance Committee shall ensure the Society’s financial resources are used to advance the Society’s Exempt Purposes, develop and transmit recommendations for the Society’s annual budget to the Board by the date set by the Board, ensure monthly, quarterly, and annual budget to actual financial reports are provided to the Board and any committee and/or individual as may be directed by the Board, perform such other duties and responsibilities as may be assigned by the Board.

Specific Deliverables

The Finance Committee ensures an annual budget is produced for the Board’s approval and appropriate financial reporting is provided to the Board on a regular basis.

Level of Authority

The Finance Committee makes recommendations on the management of the Society’s finances including but not limited to Annual Budget, Finance Policies, Investment Strategy. Recommendations are sent to the Board of Directors for its approval.

Other Committees/TF’s/Councils with Which This Group Interacts

Board of Directors, Audit Committee

Number of Members, Terms & Rotation

The Finance Committee shall be composed of five (5) individuals all of whom shall be dues-paying members of the Society. The Society’s Treasurer shall serve as an ex officio member of the Committee and shall serve as the Finance Committee’s chair. The Board shall appoint four (4) Society Members, in addition to the Society Treasurer, to fill the final four (4) seats on the Committee, at least two (2) of whom shall be voting Board members.

Each member’s term shall last no more than three (3) years with the possibility of the term being renewed one (1) consecutive time. The committee will rotate two (2) or three (3) members each year (depending on the rotation schedule) to allow for fresh perspectives and volunteer opportunities while maintaining some continuity.

Desired Member Skills

Finance Committee members will be dues-paying members, active participants in the Society and be willing to serve and represent SLAS as involved leaders. Individuals should have a basic understanding of finance, budgeting, accounting, internal controls for non-profit professional societies, and be able to read and understand financial statements.

Type & Frequency of Meetings

At least one (1) in-person meeting per year, either in May or October. Possible conference calls throughout the year as needed.

Budget

The Finance Committee has oversight of the entire budget with responsibility for its creation and reporting.

Staff Liaison

Brenda Dreier, CMP, Chief Operating Officer