Finance Committee

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The Augustan Society, Inc., has established a Finance Committee under the chairmanship of the Treasurer or an Assistant Treasurer he appoints for this purpose.

Some members of the Finance Committee are ex officio appointments to represent various groups. These are:

The Treasurer may appoint such additional members as he may see fit, those serving at his pleasure. Of late, these have included:

The duties of the Finance Committee are to propose to the Board annual budgets for:

and to set the investment policies for Society funds, including primarily the Investment Fund.

Budgets for the sub-groups shall be solicited from them, and those approved and submitted by the deadline announced by the Treasurer will be given all possible deference.

Budgets for the sub-groups arriving after the deadline, or which are only the recommendation of the Receiver General and Chief, or the Dean, shall be given as much deference as may be possible at that point in the process.

Budgets for all groups must be made in cognizance of the cash flow situation. No budget that can reasonably be expected to require more liquid reserves than might be available in any month should be recommended to the Board.

All budgets must be recommended to the Board for their adoption not later than the last regular meeting scheduled for each budget year. Earlier is better, with August being the preferred month.

Should a budget not be adopted before the start of the fiscal year (1 January), Headquarters Staff will discontinue all expenditures save those approved at each meeting of the Board. This may cause the Society to default on some debts, or to discontinue some programs.

The Board may adopt a "continuing resolution" to extend the prior year's budget on a pro-rata basis. While this may suffice for many routine expenses, there are a number of important annual payments this plan would not address (such as storage unit and Headquarters rent).