Finance Committee

Charge

• Assist with preparation of the annual budget and advise the Board concerning its approval.
• Advise the President, Treasurer, and Executive Committee on fiscal matters throughout the year.
• Oversee implementation of budgetary priorities throughout the year.
• Review financial conduct of the Academy (e.g. review the annual external audit).
• Act as the final appropriations body for all discretionary spending.
• Oversee and advise the President, Treasurer, and Executive Committee on the investment of the financial reserve.

Committee Composition and Appointments

The Committee is composed of a minimum of three (3), and a maximum of five (5) AED members, including the Treasurer. The Executive Director of the Academy is a perpetual voting member. Additional voting members of the Committee must be elected members of the AED Board and are appointed by the President in consultation with the Treasurer.

The committee may work with a variety of financial advisors (non-voting members) performing oversight and investing on behalf of AED. The committee functions independently from the board.

Meetings

• Twice yearly and in-person at the annual 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 full Finance Committee. The budget will include a detailed list of income and expenses, and will provide comparison information from the previous budget year. The Committee makes recommendations to the Board concerning its provisions and approval.

The Board will authorize discretionary (unbudgeted) 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.

Conduct a three-year cycle of review for Academy revenue sources considering each of the following in turn: 1) membership fee, 2) meeting and pre-meeting registration fees, and 3) all other fees (e.g., mailing list charges, meeting exhibitor fees, CEU fees, advertising, etc). The results of review will be reported to the Board at each annual meeting along with recommendations concerning fee level for the revenue source under review.