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:
- Review the financial statements
- Review the cash flow status
- Investment performance reviews
- Audited financial statements
- Budget review
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.
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.
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.