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Procedures and Rules Contents

 

 

Procedures and Rules

X. BUDGET TASK FORCE

  1. Function:
    The Budget Task Force prepares the Network budget for Council approval with input from officers and committee chairs. At the request of the Secretary/Treasurer, assists in monitoring income and expenditures against the budget, reviewing and recommending investment options for Network funds, and providing guidance on expenditures for unbudgeted items.

  2. Composition:
    The Committee consists of the Secretary/Treasurer as Chair, the Past President, the President, the President-Elect, and one other members of the Network who is not a members of the Council, but who has knowledge of the activities of the Network and who is well-informed in financial matters.

  3. Duties and Responsibilities:
    Subject to the approval of the Council, the Committee:
    1. By December 1, prepares a budget for the Network covering the next calendar year, based on input gathered from the officers and committee chairs and on previous years' financial experience;
    2. Monitors income and expenditures against the approved budget and provides guidance on expenditures for unbudgeted items to ensure that all Network funds are spent in the best interests of the organization and its members;
    3. Investigates investment options with the business manager for available Network funds and recommends investment policies and guidelines;
    4. Is responsible for ensuring the business manager performs an annual internal audit review and that an annual external audit review is performed either by a non-Council member or by a qualified financial management resource recommended by the business manager.
    5. Once approved by the Council shares the budget with the membership and the business manager.