The Finance Committee guides, oversees and supports the financial and tax practices of the organization, including approval and conformance regarding up-to-date fiscal policies and procedures; development of the annual budget; and ensuring accurate tracking and analysis of financial highlights, trends and issues.
The Finance Committee is organized around a handful of fundamental chores:
- Overseeing financial planning.
- Ensuring that adequate funds are available for all financial management tasks.
- Ensuring that assets are protected.
- Drafting the organizational fiscal policies.
- Anticipating financial problems.
- Overseeing financial record keeping.
- Helping the full board understand the organization’s financial health.
- Ensuring all legal reporting requirements are met.
- Sustaining the Finance Committee.
Members of the Finance Committee serve a two-year term, with an optional third year. The Finance Committee shall have a minimum of three and a maximum of seven members. Finance Committee members must maintain their AAERT membership. Some financial experience is helpful. The Chair of the Finance Committee is the AAERT Treasurer.
The Finance Committee will meet quarterly via videoconference on a consistent day and time agreeable to all committee members. Committee meetings are anticipated to last 90 minutes. When the annual budget is presented for Finance Committee assessment and approval, the meeting may take up to three hours.
The Finance Committee will work closely with the Executive Committee and will be responsive to all other AAERT committees, especially when those committees have requests that may require board funding.