The Finance Committee is established by the ACMS Board of Directors to recommend financial policies, strategies, and budgets that support the mission, values, and strategic plan of the organization. Its purpose is to ensure the financial health and integrity of the organization in pursuit of its mission.
The Committee is chartered, on behalf of and as directed by the board of directors, to accomplish the following objectives to support the board’s fiduciary responsibilities:
a) provide oversight for the development and review of the annual budget;
b) perform financial planning and ensure that financial objectives align with ACMS’ strategic plan, recommending corrective actions to the board as appropriate;
c) review the ACMS internal financial statements and recommend actions to be undertaken by the board as needed;
d) provide independent and objective oversight of the organization’s financial policies and procedures, which may include contracting with a CPA firm for financial review, audit, and/or tax documentation preparation;
e) provide risk management assessment and recommendations for policies and procedures, insurance coverage, executive succession, and disaster planning, all of which are in the interest of protecting the assets of ACMS;
f) when the need arises, investigate and provide guidance regarding the financial implications of a pertinent issue or transaction as directed by the board.
The committee shall meet at least semi-annually to discuss business, as necessary.
Members:
- The board treasurer/secretary is the default committee chair but may appoint another committee member to serve in the role.
- As per by-laws, the president and president-elect shall be ex-officio voting members but need not attend.
- The executive director shall be an ex-officio non-voting member.
- The board shall appoint no more than two other members of the organization of its choosing to serve on the committee.