Finance Committee

The Society's Bylaws specify:

ARTICLE V. Section 2. Finance Committee
  A Finance Committee...shall receive the total coordinated budget proposals annually from the Executive Director and shall determine the annual budgets, reserve funds, and investments of the Society, subject to approval by the Council....

This Committee is composed of five regular members of the Society, and a young faculty level member, who may not serve more than two consecutive terms, and the Immediate Past President who serves as a voting member. The chairperson is an ex officio member of Council, without vote. The President-Elect, President, Executive Director, Director of Finance, and the Publications Committee chairperson are ex officio members of the Committee, without vote.

Duties of the Finance Committee are to:

  • Recommend at the fall meeting of Council an annual budget for the succeeding year (January 1 to December 31) based on a proposed budget submitted by the Executive Director and the Director of Finance.

  • Receive from the Executive Director, in advance of the spring meeting, budget revisions for the current year.

  • Review annual official audit from the preceding year prior to the spring meeting. The audit is generally available in February or March.

  • Review annually salary pool for staff members of the Society with recommendations of appropriate salary adjustments for approval by Council at the fall meeting.

  • Advise and assist the Executive Director and Director of Finance on negotiations of contracts and grants.

  • Review annual coordinated fiscal reports made by the Executive Director and other agencies of Council and indicate to Council all financial matters that should be brought to the attention of the membership.

  • Submit summary of annual financial report for publication in The Physiologist.

  • Recommend to Council a mechanism to encourage planned giving to the Society.

  • Determine appropriate placement of all cash and investments (e.g., investment consultants, fund managers, banks, etc.), subject to approval by Council.

 Fiscal Year

The official fiscal year is from January 1 through December 31. Membership dues are from January 1 to December 31.