Boards & Committees - Finance



FINANCE COMMITTEE

COMMITTEE MEMBERS
(Parentheses after name indicates year rotating off Committee)

COMMITTEE CHAIR
ISHLT TREASURER
Joseph Rogers, MD (2018)
Duke University Medical Center
Durham, NC, USA
ISHLT PRESIDENT-ELECT (Voting)
Jeffrey J. Teuteberg, MD (2019)
Stanford University School of Medicine
Stanford, CA, USA
Shaf Keshavjee, MD, FRCSC (2020)
Toronto General Hospital
Toronto, Canada
Jon A. Kobashigawa, MD (2018)
Cedars-Sinai Heart Institute
Los Angeles, CA, USA
Scott C. Silvestry, MD (2019)
Florida Hospital Transplant Institute
Orlando, FL, USA
EX-OFFICIO MEMBERS:

ISHLT PRESIDENT (Non-Voting)
Andrew J. Fisher, FRCP, PhD (2018)
Freeman Hospital
Newcastle Upon Tyne, UK
ISHLT EXECUTIVE DIRECTOR (Non-Voting)
Amanda W. Rowe
ISHLT
Addison, Texas, USA
ISHLT DIRECTOR OF OPERATIONS (Non-Voting)
Lee Ann Mills
ISHLT
Addison, Texas, USA
Volunteer Job Description for the Finance Committee

Committee Composition and Terms

The Finance Committee consists of a Chair (Treasurer of the Society), the President-Elect, and three at large members selected by the Chair from among the Board and/or general membership. The Executive Director and the President shall serve as ex-officio members of the Finance Committee. The Chair shall serve a one-year term commensurate with the term of his/her office as Treasurer. The President-Elect shall serve as one-year term. The three At-large members shall serve staggered three year terms.

Committee Responsibilities
  • Assist the Board in its oversight of the management of ISHLT's finances, investments, and other assets
  • Review the Society's financial statements
  • Oversee the financial performance of the Society
  • Work with Staff in the development of the Society's annual budget
  • Review the annual independent auditor's report
  • Oversee the Society's investments
  • Ensure maintenance of an appropriate capital structure
  • Provide advice and guidance and make recommendations to the Board on issues related to fiscal policy, financial management and reporting, and other matters affecting current and long-term ISHLT finances
  • Review and provide input regarding the financial implications of proposed programs and services
  • Provide input to the Governance Committee and Board during the assessment process regarding the financial gains / losses and related costs / benefits of current programs and services
  • Develop recommendations to the Board regarding fee structures for annual dues and annual meeting registration
  • Provide recommendations to the Governance Committee regarding the compensation of volunteers
  • Develop and revise, as necessary, the investment policy statement
  • Develop and revise, as necessary, the Society's financial policies and compensation structure as needed
  • Review the performance of the Society's investments and investment manager annually
  • Provide input to the Board regarding strategies to achieve the Society's financial goals
  • Work with staff to develop tactics to deliver on the Board-approved financial objectives
  • Undertake other financial matters as delegated to it by the Board
Committee Chair Responsibilities
  • Serve as the Treasurer of the Society
  • Serve as a member of the Executive Committee
  • Provide initiative, leadership, and guidance to the Finance Committee members to accomplish their responsibilities as outlined in this document
  • Provide guidance and feedback to the Finance Committee members regarding the tasks delegated to them, your expectations of them, their recommendations, and any questions they may have
  • Review the investment and financial policies every July and identify areas that need to be revised, updated, added
  • Review the volunteer compensation structure every July and identify needed changes, updates, revisions
  • Work with the Finance Committee and Staff to update the investment and financial policies and compensation structure per the above or as tasked by the Board of Directors
  • Prepare proposal forms for Board approval of any updates to the investment and financial policies and / or compensation structure
  • Work with the Finance Committee and Staff to develop and present financial reports, budget, proposals, and recommendations to the Board and membership
  • Oversee the financial activities of the Society to ensure that policies and procedures are followed
  • Communicate with Committee and Council Chairs regarding financial implications of programs and services
  • Work with assigned staff to schedule conference calls of the Committee in July, October, January and March at a minimum, and additionally as needed, including one call with the investment advisors
  • Work with assigned staff to develop the agenda for all Finance Committee meetings and conference calls
  • Lead all Finance Committee meetings and conference calls
  • Communicate with assigned staff on a regular and as needed basis regarding financial matters, upcoming deadlines and reports, etc.
  • Review invoices and authorize wire transfers, review the check registers, and co-sign checks over $10,000 on a weekly basis or more often as needed
  • Promptly handle (within 2 days) all matters requiring Treasurer signature or approval
  • Respond to requests from the auditor
  • Present the financial report to the membership at the annual business meeting
Committee Member Responsibilities
  • Understand principles of non-profit accounting and fiscal management
  • Understand the Society's investment and financial policies and the financial scope, complexity, and components of the Society
  • Respond promptly and by the deadline to all assigned tasks
  • Come prepared and participate actively in all conference calls and meetings
  • Provide advice and guidance to the Chair, keeping the best interest of the Society as a whole in mind
  • Assist the Chair in meeting all of the above responsibilities
Qualifications/Skill Set Required of Committee Chair
  • Leadership, organizational skills, and responsiveness commensurate with chairing a Committee with fiscal responsibilities made up of senior Society members
  • Understand and effectively communicate principles of non-profit accounting and fiscal management
  • Understanding of the Society's investment and financial policies and the financial scope, complexity, and components of the Society
  • Willingness and ability to assume responsibility for communicating with committee members, staff, the Board, and others as described above in a timely proactive fashion
  • Willingness and ability to assume responsibility for explaining and enforcing adherence to investment and financial policies and procedures
  • Willingness and ability to assume responsibility for motivating committee members and project leaders to facilitate the completion of projects in a timely manner
Key Interactions/Communications
  • Executive Director
  • Director of Accounting and Operations
  • Finance Committee members
  • Board of Directors
  • Committee Chairs
  • Council Chairs and Councils regarding fiscal implications of programs and services
What Success Looks Like
  • Short and long term financial stability
  • A fund balance that meets the target established in the financial policies
  • Investments and investment performance that meet the targets established in the investment policy
  • Information-rich decision making by the Board regarding decisions with financial implications
  • Measurable progress towards the Society's financial goals and objectives
  • Annual financial performance that meets or exceed the budget
  • A satisfactory annual audit that confirms acceptability of the Society's financial processes and controls
  • Full engagement of the Finance Committee members in Committee activities
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