Finance Committee Charter

 

As Amended by the Board of Trustees 
July 12, 2017


The Finance Committee ("Committee") is a standing committee of the Board of Trustees of the Los Angeles County Bar Association

Article 1
PURPOSE

1.1 The Committee is established by the Board of Trustees to aid it in discharging its responsibilities relating to oversight of the financial affairs of the Los Angeles County Bar Association, including the Los Angeles County Bar Association Projects, Inc.

Article 2
   COMMITTEE MEMBERSHIP

2.1 The Committee shall consist of no fewer than three Board members, whose appointment and removal shall be in accordance with LACBA’s Bylaws. Appointments will generally be for two year terms except that appointments may be for one year terms in order to be coextensive with a Board member’s term on the Board. A goal, but not a requirement, of appointments made at the commencement of an Association year shall be that of, constituting the Committee so that approximately half of the Committee members will have completed a minimum of one year of service on the Committee. The Committee membership shall include at least one financial expert, who need not be a Board member. The Committee shall not exercise the authority of the Board and its recommendations shall require approval of the Board to become actions of the Association.

2.2 No member of the Committee shall receive directly or indirectly any compensation from the Association and shall not have a material financial interest in any entity doing business with the Association.

2.3 A majority of the members shall constitute a quorum.

Article 3 
      COMMITTEE RESPONSIBILITIES

3.1 The Association’s Executive Director and Chief Financial Officer bear primary responsibility for the Association’s finances and for ensuring compliance with laws, regulations and Association policies.
 
3.2 The Committee's responsibilities regarding the Association's finances shall include the following in addition to other responsibilities that may be assigned to it from time to time by the President, the Executive Committee or the Board of Trustees:

     3.2.1 Review the proposed annual Association budgets and long term financial plans, and make recommendations to the Executive Committee and Board of Trustees regarding the adoption of Association budgets and long term plans.

     3.2.2 Monitor financial reports and results on a periodic basis.

     3.2.3 Review and make recommendations to the Executive Committee on all unbudgeted capital expenditures in excess of $25,000.

3.3 The Committee's responsibilities regarding the Association's investments shall include the following in addition to other responsibilities that may be assigned to it from time to time by the President, the Executive Committee or the Board of Trustees:

     3.3.1 Periodically review the Association’s investment policy and make recommendations regarding possible changes in the policy to the Executive Committee and the Board of Trustees.

     3.3.2 Together with staff management, make recommendations to the Executive Committee regarding the appointment, reappointment, and compensation of  investment advisors/managers/consultants.

     3.3.3 Monitor investment reports and results on a periodic basis.

3.4 The Committee shall annually review its own performance and report its findings to the Executive Committee; and periodically review and assess the adequacy of this Charter and recommend any proposed changes to the Executive Committee and Board of Trustees for their approval.

Article 4
MEETINGS

The Committee should meet at least each quarter and as many additional times as the Committee deems necessary.