|
Charge
|
This committee supports the Executive Board in fulfilling its responsibility to oversee the Society’s financial strategy and performance.
|
|
Group Type
|
Committee
|
|
Sponsor
|
Executive Board
|
|
Goals/Responsibilities
|
- Review proposed budgets in line with the Society’s strategic objectives.
- Support the Society Treasurer in evaluating economic changes that may affect the financial condition or operations of the Society.
- Monitor any designated or restricted funds.
|
|
Composition
|
Society Treasurer as chair with 6 additional members.
|
|
Selection/ Appointment
|
Executive Board appoints three members from the Executive Board and one non-ISA member with financial expertise. Geographic and Technical Assemblies appoint one member each.
|
|
Term
|
Terms coincide with Society operating year. Member terms are one-year, renewable up to three consecutive years.
|
|
Expected Commitment
|
2-4 hours per month
The committee will host virtual discussions, documents, notes and resources on their ISA Connect community.
|
|
Roles and Authorities
|
Makes Recommendations to the Executive Board
- Society’s annual and capital budget and any proposed modifications
- Fiscal policies
- Audit schedule
- Charitable contributions matching funds
- Selection of professional investment manager
- Investment guidelines including acceptable types of investments, acceptable risks, and relative distribution of funds
Monitors
- Auditing procedures (annually)
- Financial statements (quarterly)
- Reserves and cash balances (quarterly)
- Performance of investment portfolio (annually)
|