IBA ORGANIZATION & COMMITTEE CHARTER

TITLE: FINANCE COMMITTEE

TYPE COMMITTEE:  STANDING COMMITTEE

AUTHORITY: APPOINTED BY THE IBA BOARD OF DIRECTORS

RESPONSIBILITIES:

The Finance Committee assists the Treasurer (Chairman) and Association Manager and acts in an advisory capacity to the Board.  It will meet periodically to address and review the following.

·                     Review and make recommendations to the Board on overall financial policy

·                     Review and make recommendations to the Board pertaining to the proposed annual operating and capital budgets, including annual dues

·                     Review and make recommendations for the annual conference budget

·                     Review the quarterly financial statement and variance report

·                     Review unbudgeted capital or unusual operating expenditures of the Association and counsel with the Board on the financial impact

·                     In coordination with the Manager, conduct reviews of the Association’s insurance coverage and risk management program at least every three years and make recommendations to the Board.

ORGANIZATION

The Finance Committee will consist of five (5) members and will elect a Vice Chair. They will serve one (1) year terms. Membership shall be generally limited to members with financial or business management backgrounds who are familiar with the most current financial policy as approved by the Board.

REPORTS AND MEETINGS

Annually (March), submit a written report to the Board summarizing activities, current and future issues, membership status, and recommendations.  At least quarterly, the Treasurer (Chairman) will submit a report of past and future activities and recommendations.  Publish meeting agendas and minutes and conduct meetings, as necessary. Meeting minutes will be provided to the Manager and may be published on the website. Meetings will be held via teleconference and/or email discussion.

REVIEW

This charter will be reviewed annually by the Board of Directors at its April Monthly Board meeting. 

APPROVAL