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 and approved by the Board. 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