Difference between revisions of "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.
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The Augustan Society, Inc., has proposed 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:
 
Some members of the Finance Committee are ex officio appointments to represent various groups. These are:
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* [[President]] — ex officio
 
* [[President]] — ex officio
  
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The Treasurer may appoint such additional members as he may see fit, those serving at his pleasure. Of late, these have included:
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The Treasurer may appoint such additional members as he may see fit.
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* [[Assistant Treasurer for Budgeting]]
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The duties of the Finance Committee are to propose to the [[Board]] annual budgets for:
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The duties of the Finance Committee would be to propose to the [[Board]] annual budgets for:
 
* The Society
 
* The Society
 
* The [[Order of the Augustan Eagle]]
 
* The [[Order of the Augustan Eagle]]
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and to set the investment policies for Society funds, including primarily the [[Investment Fund]].
 
and to set the investment policies for Society funds, including primarily the [[Investment Fund]].
  
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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.
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Previously, budgets for the sub-groups were solicited from them, and those submitted by the deadline announced by the [[Treasurer]] were to be given all possible deference.
  
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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.
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Previously all budgets had to be recommended to the [[Board]] for their adoption not later than the last regular meeting scheduled for each budget year. Of late, due to a profound lack of interest, a "permanent budget" has been employed, rolling over year by year, with only amendments coming to the attention of the Board for approval, and those at any meeting.
  
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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.
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As expenditures by sub-groups are rare, their financial activities are generally handled on an ad hoc basis, save for the annual administrative fees.
  
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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.
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Note that this process does not address cash flow issues, and at various times, the budget may allocate more than is available. [[Headquarters Staff]] will attempt to impose such controls as may be needed.
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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.
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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).
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Latest revision as of 04:20, 7 November 2022

The Augustan Society, Inc., has proposed 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.

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

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

Previously, budgets for the sub-groups were solicited from them, and those submitted by the deadline announced by the Treasurer were to be given all possible deference.

Previously all budgets had to be recommended to the Board for their adoption not later than the last regular meeting scheduled for each budget year. Of late, due to a profound lack of interest, a "permanent budget" has been employed, rolling over year by year, with only amendments coming to the attention of the Board for approval, and those at any meeting.

As expenditures by sub-groups are rare, their financial activities are generally handled on an ad hoc basis, save for the annual administrative fees.

Note that this process does not address cash flow issues, and at various times, the budget may allocate more than is available. Headquarters Staff will attempt to impose such controls as may be needed.



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