Charge of the ACOI Finance Committee

The Committee on Finance shall consider all financial matters and report its recommendations to the Board of Directors. The Committee on Finance shall be responsible for reviewing and recommending an annual operating and capital budget to the Board of Directors. They will also be responsible for monitoring the budget on no less than a semi-annual basis. The Committee on Finance may make recommendations regarding opportunities for revenue enhancement or expense control.

The Committee on Finance shall recommend to the Board of Directors a certified public accountant or accounting firm to audit the financial records of the Corporation. The Committee on Finance shall review with the independent auditors:

• the scope and timing of the audit work;
• the findings and recommendations;
• the meaning and significance of audited figures and notes thereto;
• the accounting principles and practices followed by the Corporation;
• the effectiveness of internal control; the compensation for independent auditors; and related matters.

They will receive the report of the auditors and question their findings. They will report their conclusions to the Board of Directors.

The Committee on Finance shall adopt investment policies and performance standards. The Committee on Finance shall review and adjust annually as necessary the investment policies and performance standards.