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Elizabeth Stewart-Marshall's picture

Revised Financial Advisory Committee draft charge and composition

To advise the LITA Board on all fiscal matters of the Division; to advise the LITA Executive Director in preparation of an annual budget based on priorities established by the Board; to review and advise units requesting LITA funds; to review for the LITA Board Division activities, within the framework of the strategic plan, for fiscal implications; to review for the LITA Board, on a regular basis, the dues structure and to prepare and submit to the LITA Board periodic analysis of the finances of the division; to review LITA's fiscal relationship to ALA and other divisions and to represent LITA at the ALA Planning and Budget Assembly and the BARC/Divisions meeting. The Chairperson of the Financial Advisory Committee shall also be a member of the Board of Directors ex-officio, without vote and shall advise the President and the Board on matters of budget and finance at meetings of the Board of Directors.

Proposed Composition

Chair (1 year term)
Vice Chair (1 year then Chair)
Two members at large (2 year terms, staggered)
LITA Executive Director
 
 
Roles:
 
Chair: Using data provided by the Executive Director, prepares and presents, at Midwinter and Annual meetings, narrative reports for the current and next year budgets to the Board. In person attendance at the Board Meeting at Midwinter and Annual where the Budget is discussed is expected. Works with committee members to perform longitudinal analysis of data to identify budget and fiscal trends. Works with the Executive Director to review the proposed future budgets for alignment with the Board approved strategic initiatives.  Represents LITA at the ALA Planning and Budget Assembly meetings and reports on PBA activities which might be of interest to the Board. Participates in BARC/Division discussions as appropriate. Mentors the Vice Chair in the responsibilities of being Chair, as appropriate.
 
Vice Chair: Assists the Chair in managing the work of the committee. Represents LITA at the LITA Board meetings, PBA or BARC/Division meetings if the Chair is unable to attend.
  

 Notes:

  • A minimum of four members, plus the Executive Director;

  • Members will serve two-year terms with the four members' terms being equally staggered;

  • Members appointed to this committee should have a strong background or experience with developing and managing a budget.  Some homework is required, including virtual meetings between ALA Conferences;

  • Chair is expected to attend in person the Board meeting at Midwinter and Annual when the Budget and/or FAC reports are scheduled for discussion. The assumption is that this committee will work closely with/in support of the Board;
  • Reports from this committee supplement but do not replace budget reports expected from the Executive Director;
  • Additional appointments may be made at the discretion of the Vice-President/President-Elect may be made to assist with periodic reviews or larger projects.

 

Elizabeth Stewart-Marshall's picture

The revised draft incorporates the feedback to the first draft, that was received from the Board at the Midwinter meeting.  All references to fund raising have been removed.  Whether or not LITA wants to create a separate Fund Raising committee or a subcommittee which works with or through the FAC will be a separate discussion.  Input from LITA leadership and FAC members have been incorporated into this draft.  How other ALA Divisions structure Budget or Finance committees/officers was reviewed and incorporated into the draft as it seemed to fit - usually streamlined to fit our smaller and flatter organizational structure.

This draft is submitted to the Board for comments. FAC will be meeting briefly in advance of the first Board meeting and can make adjustments or corrections. Can Bylaws review this revised draft as it currently stands?

Zoe Stewart-Marshall

LITA Past President (2013-2014)

Cindi Trainor Blyberg's picture

I think it's good that the responsibility for financial analysis etc lies with a group and not a single person, but I don't think we have the structure quite right.

A lot of communication happens about the budget on the board list and sometimes in closed threads here.  Starting in July, the chair of FAC will no longer be on the board list, effectively putting the burden of all communication on the liaison.

For this committee to be successful, how about the structure be made similar to that of Bylaws--it's a standing committee, with all the rights and responsibilities therein, but the chair is the official LITA financial officer, and as such is made a board member, ex-officio.  This ensures the communication ties and also ensures that the committee retains access to the big picture that the board has, rather than that of a single committee.

Procedurally, this means a small edit to the bylaws, which would have to be put to the membership and which would not be made official until May 2015.  I'm assuming we can unofficially include Zoe as chair of FAC in board discussions and meetings until then, if this is what we chose to do. (Jason?)

Comments, questions, ideas welcome.  Looking forward to seeing you all Friday!

Aaron Dobbs's picture

Pending Bylaws response, Cindi's adjustments seem to be workabble to me.

-Aaron
:-)'

***** "Always remember everyone is working to make the organization better in their own way."
-Eli Mina, ALA Parliamentarian

Elizabeth Stewart-Marshall's picture

In the rush today there were a couple of references to the liaison position left in the notes and just general cleanup.  The body of the charge and composition remain as approved at the Board meeting Monday 6/30.

Zoe Stewart-Marshall

LITA Past President (2013-2014)