Finance Committee (FC). 

Purpose. The purpose of the Finance Committee is to provide financial oversight to the Business Constituency and to coordinate with Secretariat functions including the routine administration of expenditures in accordance with approved budgets.

Composition. The Finance Committee shall be comprised of the Chair and 4 Business Constituency Members (5 total) if there are sufficient volunteers; otherwise, composition will be the Chair and 2 Business Constituency Members. If more than 4 members of the Business Constituency volunteer for service on the FC, an open election of the Business Constituency membership will be held. Volunteers will be elected or affirmed by the membership for a term of up to two years with a single one-year term extension possible. The composition of the FC should endeavor to achieve geographic diversity. 

Duties. The Finance Committee is responsible for:

• Adopting the annual budget including the level of membership fees;
• Recommending the annual budget to Members for their review and acceptance;
• Establishing a reserve for operating costs that are borne by the Business Constituency.
• Ensuring that the budget is balanced;
• Delegating to the Secretariat the routine management of budgeted expenditures;
• Authorizing exceptional expenditures not foreseen in the budget upon affirmation of the Executive Committee;
• Recommending to the Executive Committee any action related to an application of hardship concerning Business Constituency membership fees; and
• Assisting in Member retention. The Secretariat shall notify the FC of Members whose dues are outstanding at the time of the first reminder invoice. The FC will make contact with those Members to help ensure their retention.

 The committee of three to five members would have the Vice-Chair Finance and Operations as its chair. Only current members of the BC in good financial standing are expected to serve on the Finance Committee. Members currently serving on two committees of the BC would not be eligible to serve on a third. This does not however apply to working parties as they are short termed in nature. The Vice-Chair for Finance and Operations shall serve as the committee’s liaison to the BC ExComm.