Finance Committee

Goal

The Finance Committee will facilitate communication between the Board of Directors and IECA staff concerning all financial issues. In so doing, the committee will help IECA accomplish its mission and vision from a financial perspective.

Purpose

The Finance Committee will review and evaluate financial reports, annual budgets, and major financial decisions.

Responsibilities

• Review and recommend the annual budget.
• Review monthly financial reports.
• Review and evaluate programs set up for the purpose of financing budgeted activities.
• Report to the Board of Directors at its regular meetings.
• Review non-budgeted financial issues or decisions.
• Review committee guidelines annually.
• Perform other related functions as appropriate and agreed to by the committee Chair, the IECA Board of Directors and the Executive Director.

Membership & Term of Service

The committee will consist of the President, Treasurer, Administrative Vice-President, and Past Treasurer, with the current Treasurer serving as the committee Chair. Other qualified members of IECA may be asked to join the committee, at the discretion of the President, Treasurer, and Past Treasurer. The Chair's term ends with the election of new officers annually at the annual conference. Other members' terms end with the election of new officers or after 3 years, whichever is shorter.

Chair Replacement

In the event that the Chair steps down during his or her term, the President of the Board will appoint a replacement to complete the term. If an interim acting Treasurer is appointed by the Board, then the acting Treasurer will serve as the Finance Committee Chair.

Chair Duties

1. Preside at all meetings of the Finance Committee, including teleconferences.
2. Prepare the agenda for all meetings after receiving input from the committee members, IECA Headquarters and/or Board of Directors.
3. Serve as the official spokesperson of the Finance Committee.
4. Submit reports to the Board of Directors' Administrative Vice President two weeks before each Board meeting.
5. Undertake tasks to support the purpose and responsibilities of the Finance Committee, or assign committee members to undertake tasks as appropriate.

Staff Liaison

The Finance Director will serve as the staff liaison to the Finance Committee. The Finance Director will provide monthly financial reports, year end financial reports, draft annual budgets (developed in conjunction with the Executive Director), and other financial reports requested by the Board through the Finance Committee.

Meetings

The Finance Committee will hold a minimum of two meetings each year. One meeting will be in person and will take place at the annual IECA conference. The other can be conducted by teleconference call, per the chair's discretion. The committee may meet at other times as designated by the chair. Additional communications may occur via email or phone at the discretion of the chair. All committee members must be notified of meetings a minimum of 7 days prior to a meeting.

Reports

The committee Chair will submit a written report to the Administrative Vice President of the IECA Board of Directors a minimum of two weeks prior to the Board meeting twice per year for review by the Board.