SAA Foundation Finance Committee

Roster

Reports to: SAAF Board of Directors
Established: March 19, 2013

I. Purpose

The Finance Committee is responsible for assisting the Treasurer and the Board of Directors (Board) in monitoring the financial health of the Foundation, ensuring that its assets are protected, providing advice and counsel on financial matters, reviewing the investment policy regularly, and ensuring compliance with internal financial controls and investment policies.

II. Size, Composition, Selection, and Length of Terms

The Finance Committee consists of five members: the Foundation Treasurer (who serves as chair), the Executive Director, the Finance/Administration Director, and two Foundation Board members elected by the Board in consultation with the current Finance Committee members to determine what expertise is needed.  The two elected members of the Committee serve for one-year renewable terms. There are no term limits for the elected members as long as they continue to serve on the Foundation Board. 

III. Reporting Procedures

The Finance Committee reports to each full meeting of the Foundation, typically through the Treasurer's formal written report.

IV. Duties and Responsibilities

1. Review the Foundation's finances and policies and make recommendations to the Board as appropriate.  Review and monitor the Foundation’s income and expenditures, and report to the Board on the Foundation's financial stability.
2. Ensure preparation of accurate, timely, and meaningful financial statements.
3. Consult with the independent auditor annually and review the Annual Audit Report.
4. Review bids, interview, and recommend to the Board the selection of the external auditor every three years.
5. Review and monitor the Foundation’s investment portfolio and report to the Board on compliance and performance of the investments.
6. Recommend changes to the investment strategy and the Investment Policy as appropriate. Review bids, interview, and recommend to the Board the selection of one or more investment consultants every three years.

V. Meetings

The Committee meets in person or by conference call as needed but no less than twice a year to: 1) discuss the Foundation’s overall financial standing and approve a draft annual budget for the Board’s review and adoption; 2) receive and discuss with the external auditor the Annual Audit Report; and 3) monitor and evaluate investment performance with the investment consultant(s).

Adopted by the SAA Foundation Board of Directors on March 19, 2013. Revisions approved by the Board: July 2018.