ASM Online Member Community

Purpose:

The Finance Committee shall supervise the financial affairs of the Society under the direction of and with the approval of the Board.  It shall review the financial plan of the Society and recommend it to the Board for Action; review the annual report of the Treasurer; establish financial policy and procedures of the Society; advise the Board to other financial matters; and select an independent certified public accountant to audit the financial accounts.  The Treasurer shall be Chairman of the committee.  The Finance Committee shall support the ASM Strategic Plan and be accountable and responsible for those strategic actions which fall within the purview of the committee.  It shall also be the responsibility of the committee to contribute new program and service ideas that support the Strategic Plan.

The Finance Committee shall be a standing committee of the ASM Board of Trustees.  The Finance Committee will be chaired by the Treasurer and have the Vice President and two other trustees who are appointed by the President.  The President shall appoint no less than five additional members from the membership at large, which will be approved annually by the Board.

Services Committee is Responsible for:
The review and financial oversight of ASM International. 

Qualifications of Members:
Member of ASM and good overall background knowledge of ASM.  Business management experience and financial acumen and/or responsibility for P&Ls and budgets.  Confidentiality is very critical.

Committee Size:
9 – 13 (voting)

Time Commitment:
3 face to face meetings annually (typically May, July and October MS&T); meetings last 3 to 5 hours with preparation time for each meeting varying from 1 to 6 hours.

Term:
3 years, maximum 9 but exceptions can be made.  Longevity (greater than one term) is preferred due to the subject matter and knowledge continuity.

Key Responsibilities:

• Supervise the financial affairs of the Society under the direction of and with the approval of the Board.
• Review the Annual Operating Plan of the Society and recommend it to the Board for action.
• Review and authorize the borrowing of funds to meet the financial needs of the Society and recommend it to the Board for action. This includes operating, cash and capital plans.
• Review requests for Development Funds and recommend it to the Board for action.
• Review proposed Membership fee changes and recommend it to the Board for action.
• Supervise accounting practices and procedures of the Society.
• Select an independent certified public accountant to audit the financial records of the Society.
• Review the annual report of the Treasurer.

Support of Committee Activities:
ASM Staff Liaison will provide an orientation and information prior to the beginning term date of September 1st annually.  The Staff Liaison coordinates, participates and is an active partner in all meetings and activities of the committee.