To provide guidance to the Board of Governors related to the fiscal well-being of the CAP by reviewing budgets and making recommendations; reviewing the independent auditor's report and management letter; and acting on recommendations from the Investment Committee.
|Time Commitment Requirements|
|Number of face-to-face meetings||3|
|Length of meetings||Meetings last 1 or 2 days.|
|Typical meeting days||Friday and Saturday|
|Meeting locations||Meeting locations are determined by the committee. 1 meeting each year takes place in Chicago.|
|Number of conference calls||Calls scheduled as needed.|
|Hours/year of committee work required outside of meetings||2-4 hours prior to meetings|
Activities of Committee
- Reviews the financial impact of proposed plans for the coming year as part of the budget review process.
- Requests for approval the final budget for each year at the November board meeting. Operational issues that have financial impact on the CAP 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
- Some understanding of the CAP and a general business understanding
Benefits of Committee Membership
- Participation in this committee exposes the member to the overall financial activities, plans, and issues of the CAP.
Representation on Committee Beyond the CAP
- The audit partner and manager are the only outside representatives that attend the meetings.