Financial Advisory Committee Members
Committee Organization
- APS Treasurer, who serves as chair of the committee.
- APS Treasurer-elect when applicable (non-voting)
- APS President-elect
- APS Vice President
- Three (3) additional representatives, each serving a 3-year term, appointed by the president as follows:
- One (1) Editor-in-Chief, or Chair/Director from an APS office/board who are either serving currently or within the previous five years.
- Two (2) APS Councilors, each of whom must be on Council when appointed, but one of whom can remain a member of FAC beyond the duration of their term as a Council member.
- Ex-officio (non-voting members) include the APS chief executive officer, vice president of operations, and vice president of finance.
Committee Charge
In addressing the financial needs of the society the Finance Advisory Committee (FAC):
- Is active in developing and preparing the annual budget for Council consideration and final approval.
- Virtual meeting scheduled in the spring to finalize upcoming fiscal year budget and FAC recommendations to Council, with any additonal calls scheduled at the Treasurer’s discretion.
- Advises Council on the sale or purchase of securities, real estate, or other tangible assets to meet specific needs of the society and to ensure stability and reasonable growth of the society's financial assets.
- Establishes a long-range plan for financial investment and provides advice on other matters relating to the use of society funds.
- Has been delegated by Council the authority regarding investments of reserve funds. FAC will meet annually with a representative(s) of the investment firm to review the goals and performance of investments of the society’s reserve funds.
- On an ongoing basis will provide information to promote a general understanding by Council and APS membership as to the need for a financial reserve; to explore alternative sources of income to support society activities; to examine the costs and benefits of all member services, and to consider other aspects of finances as warranted.
- Oversees creation of the overall APS financial strategy that includes recommendations for long-term target goals and financial priorities for the APS Strategic Plan and Financial Strategic Plan, and monitors the financial benchmarks and progress toward these goals.
