Operating Guidelines and Areas of Responsibility
The FMC should normally have between 8 and 10 members (including ex officio members), at least two of whom are currently serving on the Board. Members of the FMC are appointed by the Board for a three-year term. Members include:
- Treasurer (committee chair)
- At least two current Board members
- 1 -3 additional members appointed by the Board
- Executive Director (ex officio)
- Director, Finance and Administration (ex officio)
[New rules adopted by the Board of Trustees, December 2011; membership will transition to the new rules over a three-year period.]
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.
A majority of the members of the committee is required for a quorum.
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.