Finance Committee

Committee Members 2014-2015
Chair:
Angela Williams
Members: Pat Padden, Treasurer
Chuck von Bruns (investment management only),
Sandy Dickson, Michael Schaeffer,
Tim Jenkins.
(Note: the bylaws only allow four members). The President and Director are ex officio member of the committee.

Purpose: The purpose of the Finance Committee is to serve as an adviser to the Treasurer and the Board to ensure the short and long term financial health of the Athenaeum and prudent management of its assets. The Finance Committee also acts as the audit committee and the investment committee.

Composition: The Chair, Treasurer and at least two other members serve on the committee; other members may include proprietors, subscribers or community volunteers. See authorization below.

Committee Members 2014-2015

Angela Williams, Chair. Members: Pat Padden, Treasurer; Proprietors and Subscribers Chuck von Bruns (investment management only), Sandy Dickson, Michael Schaeffer, Tim Jenkins. (Note: the bylaws only allow four members). The President and Director are ex officio member of the committee.

Authorization: The bylaws name the Finance Committee as a Standing Committee. The by-laws require four members: a trustee as chair, two additional trustees, and the Treasurer.   The bylaws require that these positions be appointed by the Board each year at the meeting immediately following the annual meeting.

Meetings : The Finance Committee meets at least twice a year to review the endowment and the Athenaeum’s IRS filing and otherwise as needed.

Major Responsibilities

  • With the Treasurer, monitor and routinely report to the board on the financial condition and budget performance of the Athenaeum.
  • Select an accountant/ independent auditor, as appropriate to the needs of the Athenaeum.
  • Supervise the auditor, receive and review the audit (review or compilation) and 990, and recommend the audit and 990 for board approval.
  • Assist the Treasurer and President in developing the financial literacy of trustees.
  • Ensure prudent asset management in accordance with financial objectives and board approved policies.
  • Review the endowment and other funds managed for the Athenaeum at least semi-annually and concur on the report to the board.
  • Advise on any policy matters the Board or the Treasurer wish to refer to the Finance and Investment Committee for their review and recommendations to the board.
  • Assist in ensuring adequate internal controls, e.g. providing oversight of the Treasurer.
  • Be informed and inform the board of nonprofit finance issues, nonprofit laws and regulations, changes in the law and the implications for the Athenaeum.