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.
Chair (1 year term)
Vice Chair (1 year then Chair)
Two members at large (2 year terms, staggered)
LITA Executive Director
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.
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.