Task Force 4 - Financial Stewardship

Goal 4. Financial Stewardship

ASA engages in wise, strategic stewardship to ensure sufficient resources to deliver maximum value both now and in the future. PRIORITY OBJECTIVE. Develop and implement a new business model, including the ASA Foundation Fund

Objectives and Completed Actions

 • Established a Finance Committee

 • Developed rationale for financial management, hired Kiwi Partners

 • Developed rationale for an elected Treasurer

 • Developed a new business model

 

Details, Meeting Notes & Flipcharts

October 2017 Update

 

Champions:

David Feit
Susan Fox
John Hillenbrand
Judy Dubno
Maureen Stone
Christy Holland
Elaine Moran
Carl Rosenberg
Anthony
Atchley
Clark Penrod
Gary Elko
Ann
Bradlow
Caleb Sieck 

                

Objectives:  1. Develop and implement a new business model

                   2. Change administrative structure to implement the business plan

 

CommitteesAudit, Investments ( no Finance Committee exists to help move things forward)

 

Roadblocks:  Possible that the audit process may change - Finance Committee needed – Investigate need for new Director of Finance position.

 

Fiscal:  100K inclusive for a Director of Finance

ESTABLISH A NEW FINANCE COMMITTEE
DEVELOP A RATIONALE FOR A FINANCE MANAGER
DEVELOP A NEW BUSINESS MODEL

PROGRESS
CHARGE FOR FINANCE COMMITTEE - COMPLETE

Finance Committee

The Finance Committee (FC) is charged with the responsibility of making recommendations to the Executive Council (EC) on long-term (greater than one fiscal year) financial decisions.  The EC is responsible for the long-term financial viability of the ASA. 

Reporting through the Administrative Council on Financial Affairs, the purpose of the Finance Committee is to develop a strategy for making long-term financial decisions that is aligned with the ASA's Strategic Leadership for the Future Plan (2015-2025), develop a multi-year budgeting methodology that forecasts future financial needs, track and review progress toward achieving budgetary goals, adapt the budgeting strategy based on trends and emerging needs, suggest spending strategies for the ASA's reserves, and identify needs for new sources of revenue.

The Finance Committee shall have 5 members, including the Chair, who will serve three-year terms. (The terms of the initial membership will be set up to provide sufficient continuity in membership as terms expire.)  The Committee will convene as needed, but at least twice a year, during the spring and fall ASA meetings. The ASA Treasurer and the Chairs of the Investments and Acoustical Foundation Board are ex officio members of the committee. ASA Headquarters and accountants will be a resource for the Committee.

CHAIR OF COMMITTEE SELECTED- COMPLETE
ANTHONY ATCHLEY, CHAIR
 
PROSPECTIVE MEMBERS CONTACTED
 
PROPOSED CHANGE TO BUSINESS MODEL
MOVE OUTREACH & SPECIAL PROJECT INITIATIVES TO FOUNDATION FUND COST CENTER