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Home 9 About ISTSS 9 Leadership 9 Finance Committee

Finance Committee

Responsibilities: The Finance Committee has the role to advise the ISTSS (“the Society”) Executive Committee and Board of Directors concerning financial implications of proposals for expenditures considered by the Executive Committee or by Board members. The Finance Committee will: assist with preparation of the annual budget and advise the Board concerning its approval; advise the President, Treasurer, and Executive Committee on financial matters throughout the year; oversee implementation of budgetary priorities throughout the year; and review financial conduct of the Society in coordination with the Audit Committee. The Board of Directors has the final authority for approval of the annual budget, and the Executive Committee has final authority for unbudgeted spending over $1000.

Composition & Designated Members: From the pool of current Board members, the Treasurer is appointed by the president and the treasurer becomes the chair of the Finance Committee.

The Finance Committee Chair also serves as a voting member of the Audit Committee.
The Committee is composed of a minimum of three (3) ISTSS members, including the Treasurer as Chair, the Treasurer-designate (the future Treasurer), and at least one other member of the ISTSS Board of Directors. Voting members of the Committee can, but need not be elected members of the ISTSS Board, but must be members of the Society.

Authority (including limitations): The Finance Committee has the authority to recommend a finalized budget to the Board and any unbudgeted committee/task force/liaison resource requests. The Treasurer can approve unbudgeted expenses up to $1000 without Executive Committee or Board approval.

The Finance Committee will consider budget requests over the amount of $1000 after they have been considered by the Executive Committee. The Finance Committee will advise the Executive Committee and Board whether there are sufficient unrestricted net assets available to spend on the proposal, and will identify and outline any financial risks associated with the request. Executive Committee approval is required for all unbudgeted expenses over $1000.

The Finance Committee can make changes in the society’s investment portfolio consistent with the Board approved investment policy. The Board will vote on changes in the investment policy.

The Finance Committee makes recommendations to the Board concerning changes in dues, registration fees, or any other fee charged by the society.

Society Policies Impacting Function: The committee must adhere to the reserve policy and the investment policy of the Society.

Interactions with Other Committees: The committee will advise the Executive Committee, the Board, the Annual Meeting Committee and other inquiring committees, in regard to resource requests and the impact on ISTSS financial situation. The committee will take all recommendations from the Audit Committee into consideration when making budgetary plans and taking or recommending financial actions for the Society.

Products: .In collaboration with the Executive Committee, the committee will produce a recommended budget each year for Board approval and respond to requests regarding unusual expenditures and resource requests that are recommended by the Executive Committee.

The Treasurer delivers a report on the financial position of the Society at the Society business meeting each year and to the Board at its mid-year and annual meetings.

Staff Resources Available (from Kellen scope of work): The committee works closely with the Executive Director, the accountant and/or the CFO, as necessary.

Financial and other resources available: The committee holds regularly scheduled conference calls, but otherwise does not incur other expenses.

Processes/procedures: 
Meetings

  • Yearly in-person at the annual Society meeting.  
  • Additional ad hoc meetings via conference call as required.
  • Official Committee business can be conducted by electronic mail and other means of communication with approval of all voting members.

Specific duties of the Committee:
The Executive Director prepares the annual budget with the assistance of the Executive Committee. The budget will include a detailed list of income and expenses, and will provide comparison information from the previous budget year. The Finance Committee makes recommendations to the Board concerning the provisions of the recommended budget and its approval. The Committee will operate using the financial planning principle of balancing core activities against core revenues.

The Board will authorize discretionary activities and initiatives, identify their fiscal and resource implications, and set priorities among them. The Finance Committee will then exercise delegated appropriations authority in making final decisions on the funding of these discretionary activities and initiatives. The appropriations decisions are to reflect the financial interests of the Society and the priorities set by the Board for the activities and initiatives in question.

Members

Andrea J. Phelps - Member
Eric Bui - Member
Rachel Liebman - Member
Soraya Seedat - Member
Synne Ø. Stensland - Member
Diane Elmore Borbon - Staff Person