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CAP Home > CAP Committees and Leadership > Finance Committee

  Finance Committee

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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.

Time Commitment Time Commitment

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.

Activities of Committee Activities of Committee

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.

Expertise or Experience Required Expertise or Experience Required

Some understanding of the College and a general business understanding.

Benefits to membership on this committee Benefits to membership on this committee

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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