Committee Objectives
The role of the Finance Committee is to provide short- and long-term financial analysis, advice, and oversight for the organization, ensuring the finances support the Strategic Framework and are in alignment with SPA’s mission, vision, and values. The committee is responsible for reviewing and providing guidance on the Society’s financial matters, which include assuring internal controls, independent audit, and financial analysis for the Society.
Key responsibilities of the finance committee include those listed below:
1. Monitor the annual operating budget, ensuring staff are working with the approved income and expenditures and how they relate to the projections.
2. Work with staff in the budgeting process, which shall include budgets for annual operations, capital expenditures, debt reduction, and restricted gift spending, for approval by the Board at the December board meeting.
3. Before each SPA Board Meeting, work with staff to ensure that accurate, timely, and meaningful financial statements are prepared and presented to the SPA Board.
4. Work with the Executive Director and Treasurer to develop scenarios of financial forecasts which operate within the policies the SPA Board determines.
5. Before the June Board Meeting, ensure that the annual IRS Form 990 and all required tax filings are accurate and make a recommendation whether to approve the documents.
6. When needed, conduct the search process for an external auditor and make a recommendation to the SPA Board of Directors. With staff assistance where appropriate, oversee the auditing and follow-up process and make recommendations to the SPA Board of Directors.
7. Consult with the Executive Director and relevant committees regarding organizational fundraising and donor-restricted funds to ensure compliance with SPA’s governing documents and law. Make recommendations to the SPA Board of Directors regarding the establishment of new donor-restricted funds.
8. Ensure the organization has the cash reserves and investments necessary for long-term success and make recommendations for putting excess operating cash into low-risk, short-term investments. Additionally, establish and manage fund strategies, including where funds are invested.
9. Approve and recommend to the Board for approval policies and policy modifications involving financial matters for the organization as deemed appropriate.
10. Ensure the Board of Directors is apprised in an appropriate and timely manner of the committee’s work and of financial matters related to the organization.
11. Engage in other activities deemed necessary by the Board to oversee financial operations of the organization.
Authority of the Committee
The committee is authorized to make recommendations to the Board for action by the Board. Unless empowered by the Board, the committee is not empowered to act on behalf of the Board or the organization.
Committee Member Representation and Qualifications
The committee shall consist of at least five members, including the Board’s Treasurer. The Board’s Treasurer shall serve as a voting member of the committee and shall be chairperson of the committee. At least one other member of the committee shall be a member of the Board of Directors. Other members will be recruited using SPA’s typical procedures. The organization’s Executive Director shall attend meetings of the committee except during executive sessions.
As a whole, the committee would be comprised of members that:
· Have a basic understanding of the investment, accounting, and financial planning knowledge necessary to evaluate the current and future financial health of the Society or who are open to learning.
· Are able to recognize the impact of investment, accounting, and financial planning decisions on the diverse characteristics of the Society’s members, including students, early career, mid/late career, clinicians, academics, and international members.
· Are committed to ensuring the advancement of the SPA Strategic Framework.
· Have previous experience or a desire to learn more about non-profit financial management.
Estimated Time Commitment and Meeting Format
Committee members are asked to serve for a period of no less than one year (April to April of each calendar year). While hard to estimate, on average, we expect no more than 1-3 hours of meetings and outside work per month. Having said that, the goals the committee sets for itself may necessitate a larger time commitment. All meetings will be virtual and will occur through Zoom.
Deadline to Apply is March 20, 2024!