AASUA Policies & Procedures (under revision)
“Pursuant to the Council motion (21 April 2016), all Association Policies and Procedures and Terms of Reference for any of the Association’s committees that do not comply with the newly ratified bylaws (19 April 2016) or the Policies and Procedures for the 2016 Elections (21 April 2016) are deemed null and void and shall be removed in due course. If there are any questions, please contact Brygeda Renke, Executive Director.”
220.127.116.11 Finance Committee
(a) The Finance Committee is a sub-committee of the Executive Committee, chaired by the Treasurer. In addition to the chair, the members include the President, Vice President, one member of the Executive Committee, and one member from Council (who is not on the Executive Committee). The Executive Director is an ex officio member.
(b) This is a committee of oversight and recommendation making periodic reports on the financial state of the Association to the Executive Committee and to Council. It makes recommendations through the Executive Committee to Council with respect to any action that would affect the material financial obligations of the Association.
(c) The Finance Committee has general oversight of the Association’s investment policy. The Association’s assets are held in an appropriate mixture of short-term and long-term instruments. The Association acts on the advice of professional financial advisers. This advice is to be reviewed by the Finance Committee and recommended to the Executive Committee and Council
(d) The Finance Committee makes recommendations on the appropriate size and structure of the Association’s reserve funds.
(e) In June of each year, the Finance Committee constructs the Association’s budget based upon the preparation done by the Business Manager, which then goes before the Executive Committee for approval.
(f) The Finance Committee reviews the dues structure of the Association every three years, and makes recommendations to the Executive Committee and Council. Council votes to approve changes to the dues structure.
(g) The Finance Committee reviews the work of the auditors and makes a recommendation to Council on whether or not the auditors should be reappointed. This should not be a formal Review, but a general discussion of satisfaction/dissatisfaction made at the time that the draft financial statements are brought forward to the Finance Committee.