To establish a financial framework by which the fiscal affairs of the AAMA are guided by developing and maintaining a budget process that considers the needs of members, committees and others and balances the allocation of resources to meet those needs based on the priorities set by the Board of Directors through the annual planning process and to develop such policies as necessary to guide the fiscal affairs of the Academy.
The Committee shall consist of at least 5, but no more than 11 Academy members appointed by the President. The Treasurer shall serve as Chairman and shall direct the activities of the committee in meeting its purposes. Members of the Committee shall serve for up to two consecutive, two-year terms.
Scope of Work/Ongoing Goals
- Develop an annual budget that makes best use of the resources available to meet the needs of the members and the Academy as reflected in the periodic strategic plan adopted by the Board of Directors.
- Monitor budget performance and recommend changes or revisions as may be necessary to assure continued focus on priority activities.
- Develop recommended policies to guide fiscal affairs to assure the safe, prudent and appropriate use of Academy resources.
- Schedule quarterly meetings of the Committee for the purpose of receiving mid-year requests for funding of projects and activities so that these proposals may be reviewed and recommendations prepared for the Board of Directors prior to funding approval.
- Review proposed activities, projects and budget proposals as to relevance to addressing the needs as expressed through the adopted Strategic Plan.
- Assess the current goals and policies regarding the allocation of investments to assure that they continue to be relevant and appropriate.
Guidelines and Policies
- The Chairman shall submit written status reports for all meetings of the Board of Directors.
- All requests for Academy funding should first be submitted to the Budget Committee for evaluation and recommendation except under extraordinary circumstances in which case such requests may be considered by the Treasurer and the Executive Committee.
- The Committee shall meet live or by conference call not less than quarterly, generally on the first Wednesday of June, September, December and March, and for an annual budget committee meeting held in conjunction with the Annual Symposium.