Join the Finance & Audit Committee at AACS

Description

The Finance and Audit Committee will be comprised of 5 individuals, including Treasurer (Chair), President, Vice President, and two other members, and the Accountant, as a non-voting seat.

Time Commitment & Qualifications

The Finance and Audit Committee will meet quarterly via conference call with the investment advisor from Merrill Lynch and the Executive Director. On the conference calls the Committee reviews the quarterly investments report and cash forecast Excel.

INVESTMENTS

As it pertains to the investments, the Finance and Audit Committee’s responsibilities include:

Meet with investment advisor to determine initial percentage allocations and risk analysis
Review quarterly investment reports (read, understand, and review against benchmarks)
Meet quarterly to review and discuss quarterly reports, look at trend (note reaction, concerns, plans)
Make modifications to the investment plan (i.e., percentage allocations), as necessary
Make recommendations to the Board of Trustees on revisions to the investment policy and on the investment advisor’s performance

Finance and Audit Committee reports to the Board of Trustees. The Board of Trustees has the ultimate power to hire/fire the investment advisor and has the ultimate responsibility of the investment policy, plan and all AACS finances. The Finance and Audit Committee as an extension of the Board has the responsibility to supervise the investment advisor.

Audit

As it pertains to audit items, the Finance and Audit Committee’s responsibilities include:

The Finance and Audit Committees provides a safe haven for whistle blowers, being an outlet for those with concerns, as well as working with the outside auditors.
Communication with the independent auditors
Review and approval of annual audited financial statements
Discussion of internal control matters with the independent auditors
Accessible to be contacted, and respond to any reported instances of fraud or unethical behavior
Conduct a periodic (generally quarterly or semi-annually) in-depth analysis of the organization’s financial statements
Periodically review accounting policies and procedures
On an annual basis, discuss and present recommendations to the Board of Trustees regarding matters arising from the Committee’s review of policies and procedures, and those matters arising from the audit, or any other comments or concerns.