SIAM Financial Management Committee (FMC)

Operating Guidelines and Areas of Responsibility

Basic Function and Purpose

To provide the board of trustees with oversight on long-range financial plans, annual budgets, investment policies, and management of reserves, and to advise the treasurer on implementation of investment policies.

Membership

• Treasurer (committee chair)
• Up to two other trustees appointed by the chair with the approval of the board. 
• The board chair should consider himself/herself as one of the candidates for membership on the committee.
• At least one other person appointed by the chair with the approval of the board.
• Executive Director (ex officio)
• Director, Finance and Administration (ex officio)

Total membership not to be less than four.

Meetings

Meetings will be held as determined necessary by the committee, but at least twice a year. Matters requiring immediate attention may be settled by telephone conference call.

Responsibilities and Duties

1.  Review all matters relating to operating viability, cash flow, size of reserves, investment practice, return on investment, and short- and long-range financial planning.

2.  Oversee the preparation and maintenance of short- and long-range financial plans in conjunction with the long-range plan for the society, and monitor adherence to said plans.

3.  Take action as necessary, or recommend action to the board, in matters relating to the viability of products and services.

Quorum

A majority of the members of the committee is required for a quorum.

Changes

All changes to this practice require the approval of the SIAM Board of Trustees.

Adopted by the SIAM Board of Trustees, December 14, 1985.
Revised by the SIAM Board of Trustees, December 6, 1986.