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

1. Review proposed budgets in line with the Society’s strategic objectives.
2. Support the Society Treasurer in evaluating economic changes that may affect the financial condition or operations of the Society.
3. Monitor any designated or restricted funds.

Composition

8-11 professional members representing a diversity consistent with Society’s policies and values, as well as up to 2 non-members. Society Treasurer serves as Chair. Geographic and Technical Assembly may appoint one ex-officio member.

Selection/ Appointment

Appointed by the Executive Board upon recommendation from the outgoing committee.

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

1. Society’s annual and capital budget and any proposed modifications
2. Fiscal policies
3. Audit schedule
4. Charitable contributions matching funds
5. Selection of professional investment manager
6. Investment guidelines including acceptable types of investments, acceptable risks, and relative distribution of funds

Monitors

1. Auditing procedures (annually)
2. Financial statements (quarterly)
3. Reserves and cash balances (quarterly)
4. Performance of investment portfolio (annually)