Classical Association of the Middle West and South Finance Committee Charter

This document sets forth the duties and responsibilities and governs the operations of the Finance Committee (the “Committee”) of the Classical Association of the Middle West and South (the “Association”).

I. Purpose

The Committee’s purpose is to assist the Executive Committee in its oversight of the Association’s financial affairs, including the Association’s financial condition, financial planning, operational and capital budgeting and other significant financial matters involving the Association.  The Committee reports its findings and conclusions to the President, the Secretary-Treasurer, the Executive Committee and, where relevant, other bodies within the organization.

II. Membership

Composition: The Committee shall consist of five regular members appointed in accordance with the Association’s constitution.  Each regular member shall serve for a term of three years, which may be renewed for an additional term. In addition the Secretary-Treasurer and the President shall serve as members of the Committee ex officio.  When appropriate, an outside financial expert may be asked to join the Committee as a non-voting member.  Composition of the Finance Committee, as of all committees, should be reviewed annually in order to bring on new expertise and perspectives.

Chair: The Chair of the Committee shall be appointed in accordance with the Association’s constitution, and shall normally serve for a term of three years, which may extend the Chair’s regular term of service on the Committee beyond the two-term norm.  There is an expectation that the Chair will have prior experience on the Committee or other offices of the Association, and will serve for one year as Chair-Elect before assuming the chair.  The Chair shall convene meetings, set agendas and communicate the Committee’s findings to the Executive Committee and other relevant officers and committees of the Association.

III. Meetings

Meetings shall be held at least quarterly, utilizing electronic media as necessary, or more frequently as dictated by the urgency of the issues at hand, on a schedule determined by the members of the Committee.  In addition, the Committee shall hold at least one physical meeting per year at the Annual Meeting of the Association.  Members may be permitted to attend that meeting by means of electronic media, if necessary.  A majority of members will suffice as a quorum for taking action on the agenda.  The Committee may invite non-committee-members from the Association to participate in meetings for informational purposes on a non-voting basis.

IV. Duties and Responsibilities

Budgets: Before the start of the new fiscal year, the Committee will review and recommend to the Executive Committee for approval the annual operating budget for the Association prepared by the Secretary-Treasurer.  In addition, the Committee will review and recommend to the Executive Committee for approval any capital expenditures for the Association in excess of $2,000.

Reports: Each year in advance of the Association’s Annual Meeting the Committee will provide the Executive Committee with an analytic report on the Association’s finances, including, but not limited to, short-term cash management, and significant trends in short-term revenues and expenditures. This report may include recommendations for other committees of the Association, including, but not limited to, the Membership Committee regarding dues, the Development Committee regarding fundraising, or the Publications Committee regarding revenues and expenditures. The Committee shall respond to requests from the President or the Secretary-Treasurer for such reports at more frequent intervals, as the situation warrants.

Endowment: Each year in advance of the Association’s Annual Meeting the Committee will provide the Executive Committee with an analytic report on the performance of the Association’s invested funds.  The Committee reviews and makes recommendations to the Executive Committee regarding the Association’s investments in its endowment fund, taking into consideration the Association’s short-term and long-term interests.  The Committee will consult with the Secretary-Treasurer and the President in making recommendations to the Executive Committee, and may utilize the advice of financial consultants as the Committee deems necessary or desirable.

General: The Committee shall make recommendations to the Executive Committee to select or terminate the services of all outside financial advisors, banks, and investment firms.  Recommendations to the Executive Committee from other committees with potential financial implications will be reviewed by the Committee prior to action by the Executive Committee. The Committee shall perform any other duties and responsibilities as the Executive Committee shall deem necessary.

VI. Amendment

This Charter shall not be amended except upon approval by the Executive Committee.

Adopted by the Executive Committee on June 13, 2013.