FiCom Chair & 3 Members selected to represent each ESIP Type I, II, III

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From the ESIP Policies & Procedures

Finance Committee

5.3.1 The Finance Committee may not include the ESIP President or ESIP Vice President of the Assembly among its members.

5.3.2 All financial resources of ESIP shall be considered by the Finance Committee, for approval by the Board.

5.3.3 As a general courtesy from the Board, the Program Committee may authorize annual expenditures that total less than 10% of the annual ESIP financial resources at its discretion without approval by the Finance Committee or the Assembly. The Program Committee shall submit an annual report of its past year's expenditures to the Finance Committee prior to each Annual Meeting.

5.3.4 Proposals for the expenditure of ESIP financial resources shall be submitted in writing to the Chair of the Finance Committee.

5.3.5 Upon receipt of a proposal, the Finance Committee will promptly notify the Assembly that proposals are under review. The Finance Committee will assure that appropriate, timely reviews of the proposals are carried out and then forward its recommendations to the Program Committee for further review. If the Program Committee also recommends funding, appropriate actions will be taken to allocate the funds upon approval by the Board. Alternatively, the Finance Committee may submit proposals to the Board for review. If the Board recommends funding, appropriate actions will be taken to allocate the funds.

5.3.6 Category 4 ESIPs, as a group, may send one representative as a non-voting observer to Finance Committee meetings.

5.3.7 The Finance Committee will report on its actions at each Meeting of the Assembly and submit an Annual Finance Report and Proposed Budget for the coming year at each Annual Meeting of the Assembly.

Finance Committee Chair

The Chair of the Finance Committee (Ficom) serves on the Program Committee and as Treasurer of the Board. The Chair also convenes Finance Committee meetings to consider annual budgets for ESIP and provides oversight of operational spending.

Specific duties include:

  • Understand financial accounting for nonprofit organizations
  • Manage, with the finance committee, the board's review of and action related to the board's financial responsibilities
  • Work with the chief executive and the chief financial officer to ensure that appropriate financial reports are made available to the board on a timely basis
  • Present the annual budget to the board for approval
  • Review the annual audit and answer board members' questions about the audit

Chair of the Ficom spends approximately 2 hours/month on ESIP business.