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This page and related links last reviewed on November 3, 2007
Reports to:
Board of Governors
Charge: To provide guidance to the
Board of Governors related to the fiscal well-being of the College by
reviewing budgets and making recommendations; reviewing the independent
auditor’s report and management letter; and acting on recommendations
from the Investment Subcommittee.
Number of face-to-face meetings: 4
Length of each meeting: 2 two day meetings, 1 one day meeting
Typical meeting days of the week: Friday and Saturday
Location of meetings: One meeting in Chicago, other
meetings as determined by the committee.
Number of conference calls: As needed,
usually one per year.
Hours of committee work required outside of
meetings:
Member: To review the agenda materials, 2–4 hours prior
to the face to face meetings
Vice Chair: To review the agenda materials, 2–4 hours prior to the
face to face meetings
Chair: To review the agenda materials, 2–4 hours prior to the face
to face meetings
Additional travel or time commitments:
The committee chair is required to attend the CSA Leadership
meetings, which take place two times a year. Committee member attendance
at the CAP annual meeting is strongly encouraged. Attendance at AACC meetings.
The committee reviews the financial impact of proposed
plans for the coming year as part of the budget review process. The Finance
committee requests for approval the final budget for each year at the
November board meeting. Operational issues that have financial impact
on the College are discussed and where appropriate recommendations are
made. Annually, the audit firm presents for review the final audit to
the Finance committee and responses to any questions from the committee.
As part of this presentation, the committee excuses all staff from the
room for a private session with the partner and manager from the audit
firm.
Some understanding of the College and a general business
understanding.
Participation in this committee exposes the member
to the overall financial activities, plans and issues of the College.
Representation on committee beyond the CAP:
The audit partner and manager are the only outside
representatives that attend the meetings.
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Time Commitment