Policy J-05.10 H
Issued: 02 Feb 2006
Revised: 16 Jan 2020
Business & Finance Committee
The purpose of this policy is to define the assigned responsibilities and composition of the Business and Finance Committee.
The Business and Finance Committee shall advise the Board of Directors on annual operating budget and capital budget, financial performance, investment practices and other matters as directed by the Board of Directors.
3.1 Recommend policies for investment of the Society's funds.
3.2 Review and recommend for approval to the Board of Directors the annual operating budget, the capital budget, and the three-year financial plan.
3.3 Review and provide recommendations concerning new initiatives or business plans when requested by the Board of Directors.
The committee shall consist of up to ten (10) members, six (6) appointed by the Chairperson of the Board, and four (4) ex-officio members. The six (6) members shall be appointed to terms so that two (2) expire each year and commence on January 1st. Of the six (6) appointed members, there shall be no more than three (3) Board of Directors’ members. Vacancies shall be filled by appointment of the Chairperson of the Board for the remainder of the term and approved by the Board of Directors. The four (4) ex-officio members are the ASNT Secretary/Treasurer (with vote), who shall be Chair; the ASNT Vice-President (without vote), who shall be Vice-Chair; and the Executive Director (without vote), and Director of Finance and Controller and (without vote).
The six voting members including the Board of Directors’ members shall have experience in business and finance, capital budget and knowledge in investment in non-profit organizations as a minimum.
5.0 Reporting Requirements
A written report of committee activities and recommendations shall be submitted by the Society Treasurer to the Board of Directors.