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FINANCE COMMITTEE

FINANCE COMMITTEE

job description

PURPOSE:

The purpose of the Finance Committee is to:

  • Develop, review and recommend to the Board of Directors financial guidelines for MIBOR.
  • Monitor the general financial health of MIBOR.
  • Recommend an operating and capital budget to the Board of Directors based upon a projected ability to fund an operating plan.
  • Review a long-term financial plan.
  • Recommend to the Board of Directors the funding feasibility and plan for any unusual opportunities/needs.
  • Approve investment guidelines and monitor investment of all MIBOR funds.
  • In addition, perform the following:
    • Monthly
      • Review the financial statements
      • Review the cash flow status
    • Quarterly
      • Investment performance reviews
    • Annually
      • Audited financial statements
      • Budget review

STRUCTURE:

The Finance Committee shall consist of 15 members. Expiring terms will be replaced every 3 years by the MIBOR President and confirmed by the MIBOR Board of Directors as per MIBOR Bylaws Article 13. All members must have a minimum of 2 years’ real estate experience. Committee members serve 3 years with terms beginning in January.

COMPOSITION:

Chair: Secretary/Treasurer, serves as main group spokesperson.
Vice-Chair: Secretary/Treasurer Elect, works in conjunction with the chair.
Staff Liaison: Chief Financial Officer will serve as a liaison to the committee.

COMMITTMENT:

The Finance Committee generally meets quarterly. Committee members agree to attend all committee meetings. A member who fails to attend two successive meetings without excuse will be deemed to have resigned, as per MIBOR Bylaws Article 13.2.