Audit & Finance Committee
The Audit and Finance Committee shall oversee all audits and the overall fiscal affairs of the Association. The Committee shall develop a budget for approval by the Council; propose policies governing the finances of the Corporation for adoption by the Council; and, endeavor to assure that all the Corporation’s institutional funds are deposited, invested and withdrawn in a manner consistent with all applicable statutes, regulations and contractual obligations, if any. The Committee shall assure that proper federal and state compliance and tax filings are submitted, and that any taxes due have been paid or, otherwise, addressed. It shall periodically review the Association’s internal and financial controls, and the adequacy of the Association’s insurance coverage. It shall also assure that proper policies and procedures are in place to ensure that all newly-received and annually-submitted Conflict of Interest Disclosure Statements, an unexecuted copy of which is annexed to these By-Laws as Appendix “B,” and any case-specific Related Party Transaction reports, together the minutes of any related meetings, are promptly provided to the Chair of the Committee and shall subsequently see to it that they are properly considered for auditing purposes.
Subject to appointment by the Council, the Audit & Finance Committee may consist of the President, the Vice President-Elect, the Immediate Past President, the Treasurer and the Treasurer-Elect, provided these members are found by resolution of the Council to be “Independent Directors” (as defined by Appendix “A”); however, under no circumstances shall the Corporation’s “Independent Auditor” (as defined by Appendix “A”) or a partner, employee of business associate or “Relative” (as defined by Appendix “A”) of the Independent Auditor’s firm, serve on the Committee. The Treasurer and Treasurer-Elect are precluded from serving as Chair of the Committee.