BUDGET & FINANCE COMMITTEE
Roles and Responsibilities:
  Mission:

Reports to the First Vice President and represents the interests of the association members to ensure that sound fiscal policy and fiduciary judgment are applied in managing the business affairs of the organization.  
 


Roles and Responsibilities:

1. Structure. The Committee shall consist of the chair (1st Vice President) and a minimum of five (5) facility specific budget officers (Finance Reps – facility specific committees) and two (2) at large representatives to assist World Headquarters (WHQ) staff in soliciting input from committees and program activities for the preparation of the annual budget and developing an ongoing budget process for future years.

2. Budget. Committee shall work with Executive Director/Chief Financial Officer (CEO/CFO) and the First Vice President in preparing the annual budget for submittal to the President and Board of Directors (BOD) at its annual mid-winter BOD meeting in accordance with the following schedule. Each of the designated facility specific budget officers shall work with their respective conference/committee to coordinate and monitor financial performance, e.g. AMC, ICCC, PAFAS, etc.

     Oct 22 – Staff 1st Draft Due
     Oct 29 - Final Draft from Staff
     Nov 3 - Distribute to BFC
     Nov 12 – BFC Comments Due
     Nov 16 – Final BFC Approved Budget
     Nov 23 – Board Information Mailed with Proposed Budget

3. Work. The committee shall review recommendations and/or supplement recommendations made by the Executive Director/Chief Financial Officer (CEO/CFO) on the subject of creating and updating policies on financial management. The Committee shall review monthly financial reports and make recommendations as appropriate to the Executive Director/Chief Financial Officer. Prior to publishing an annual report, committee shall revue the external audit of the operations.

4. Investments. The committee shall review with the Executive Director/Chief Financial Officer (CEO/CFO) the investment portfolios of the Association and make recommendations as appropriate.

5. Building. The Committee shall serve as an advisory committee to the Executive Director on the oversight of relevant issues surrounding the operation of World Headquarters building. Committee working with IAAM's Executive Director to monitor the World Headquarters mortgage agreement with the bank to ensure we are in compliance with the covenants of the loan, debt service, leasing activities, implication to the annual budget, association reserves, etc.

© 2003-2007 International Association of Assembly Managers
635 Fritz Dr. Coppell, TX 75019 USA Phone: 972/906-7441 Fax: 972/906-7418