| I. PURPOSE. |
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| The purpose of the Finance Committee ("Committee") of the ISM MWBDG Board ("Board") is to:
Periodically review the ISM MWBDG's financial position, budgets, transactions, expenditures and
other matters relating to the MWBDG's financial condition; |
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| II. MEMBERSHIP. |
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| The Finance Committee shall be comprised of not less than three members of the MWBDG Board, including the Treasurer.
The members of the Finance Committee shall be appointed by the Board and shall serve at the pleasure of the Board and
for such term or terms as the Board may determine, or until their resignation or removal by the Board. |
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| III. COMMITTEE STRUCTURE AND OPERATIONS. |
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| The Board shall designate one member of the Committee, ususally the Treasurer as the Committee
Chairperson. The Committee shall meet periodically, and as necessary, upon the request of the
Chairperson. |
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| IV. DUTIES AND RESPONSIBILITIES. |
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Acting for the Board in implementing financial policies and financial actions within
established budgets, and in undertaking specific action delegated to the Committee as
directed by the MWBDG Board; |
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Assisting the Treasurer in the review, preparation, and submission of the budgets to the
Board and ISM; |
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Studying and making recommendations to the MWBDG Board on the allocation of funds to the various areas of activity of the MWBDG as specified
in the Annual Strategic Plan; |
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Receiving and reviewing requests for funding of new and unbudgeted items, recommending approval or disapproval of the requests, and suggesting and identifying sources of
funds if the request is to be approved; |
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Monitoring the rate of all expenditures in order to identify any emerging problems; |
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Studying all activities supported by the budget and recommending to the Treasurer and
Board, as appropriate, an order of priorities, including termination of programs, based upon determination of costs and effectiveness; |
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| V. RESOURCES AND AUTHORITY OF THE COMMITTEE. |
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| The Committee shall have the resources and authority appropriate to discharge its duties
and responsibilities as it deems necessary or appropriate, without seeking approval of the Board. |
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| VII. PERFORMANCE EVALUATION. |
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| The Committee shall prepare and review with the Board an annual performance evaluation of
the Committee, which shall include a comparison of the performance of the Committee with the
requirements of its duties. The performance evaluation shall also recommend to the Board any
improvements to the Committee's activities deemed necessary or desirable by the Committee.
The report to the Board may take the form of an oral or written report or presentation by the
Chairperson of the Committee or any other member designated by the Committee to make the report. |
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| Current Members include: |
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Randall Lane, Treasurer |
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Joan Kerr |
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Steven Sims |
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