Procedures and Rules
XIII. BUDGET COMMITTEE
- Duties and Responsibilities:
a) 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;
b) 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;
c) Investigates investment options with the business manager for available Network funds and recommends investment policies and guidelines;
d) Is responsible for ensuring the business manager performs an annual internal audit review;
e) Is responsible for ensuring that an external audit review is performed annually either by a qualified non-Council member or financial management resource.
f) Once approved by the Council shares the budget with the membership and the business manager
g) Process entries to ensure equitable treatment of all candidates for award(s)
i. USAIN should continue the Reserve Metric of an organizational contingency fund. The task force recommends this metric be at the very minimum 1.5 to 2 times the five year average of expenses as a dollar amount to have as a reserve. The reserve can be in the form of a money market account and/or CDs and is not required to be in its own separate banking account.
ii. USAIN should document the history of the contingency fund decision and more clearly include documentation in the Budget Committee Procedures to insure the committee incorporates the budget reserve metric when formulating and reviewing the budget each year.
iii. The strategic planning process should actively incorporate budgeting and the need for a substantial contingency fund when evaluating proposed projects or activities by the organization.