Finance

About IABC Southern Region Finances

From the IABC Southern Region Bylaws
Article 10:
Section 1: Authority – The Region Board shall have supervision over, and control and direction of the receipts, expenditures, and assets of the Region.
Section 2: Fiscal Year – The fiscal year of the Region shall be adopted by the Region Board.
Section 3: Budget – In advance of each fiscal year, the Region Board shall adopt an operating budget covering all activities of the Region for the upcoming fiscal period.
Section 4: Bonding – The Chair, Vice Chair, and Treasurer (VP, Finance) shall be bonded by the Region in an amount deemed practical by the Region Board.
Section 5: Financial Review – The accounts of the Region shall be reviewed or audited no less than every seven years as prescribed by the Region Board by an independent, qualified party, recommended by the Region Board and approved by a simple majority vote at the Annual General Meeting of those members eligible to vote. Said party shall provide a report to the Region Board and to Region delegates and/or their proxies.
Section 6: Investments – The Treasurer (VP, Finance) shall recommend investment options for approval of the Region Board, and shall invest Region funds, up to limits established by the Region Board, in vehicles with guaranteed returns offered by such banks, trust companies, or other corporate bodies or organizations, as may from time to time be designated by, or be under the authority of, the Region Board.
Section 7: Reserves – The Region shall maintain a reserve, established by Region Board policy, to ensure the financial stability and continuity of Regional operations. The amount of the reserve shall be reviewed annually by the Finance Committee and ratified by the Region Board.
Section 8: Borrowing and Lending Power – The Region shall not borrow money; issue bonds, notes, or other evidence of indebtedness; give financial assistance to any person by means of a loan or guarantee; or mortgage, pledge, or otherwise create a security interest in any property owned by the Region.


About the Finance Portfolio Area

Treasurer (VP, Finance)

From the IABC Southern Region Bylaws
Article 5, Section 1:
The chief officers of the Region shall be a … and Treasurer (VP, Finance). These officers shall perform the duties necessary for the office or as prescribed by the Region Board and will abide by these Bylaws and the parliamentary authority adopted by the Region. Any of the powers and duties of an officer to whom an assistant has been appointed may be exercised and performed by such assistant unless the Region Board or the Chair otherwise directs. All chief officers are expected to share with the Board updates on portfolio responsibilities, collaborate with other Board members as is necessary, and attend all Region Board Meetings and Regional Leaders Meetings unless other arrangements are made with the Chair.
(5) Treasurer (VP, Finance). The Treasurer (VP, Finance) shall have duties assigned by the Chair and by these Bylaws; shall serve as the chief financial officer for the Region; chair the Finance Committee; review regular financial results and the Region’s policy on Reserves; serve as the bank and investment account liaison; oversee the Sponsorship Director and the Grants Chair; be responsible for the deposit, safekeeping, and disbursement of the Region’s funds; maintain records concerning receipts, expenditures, and assets of the Region; prepare an annual operations budget and recommend dues to be paid to the Region; prepare full and interim financial reports as directed by the Region Board; and serve on the Executive Committee. The Treasurer (VP, Finance) shall serve a one-year term and may be elected for a second consecutive term.

From the IABC Southern Region Bylaws
Article 8, Section 2:
The Executive Committee shall consist of the Chair; Vice Chair; Past Chair; Secretary; Treasurer (VP, Finance); Chapter Services Vice President (VP, Chapter Services); and Communications Vice President (VP, Communications). The Chair of the Region Board shall chair Executive Committee meetings.

Finance Committee 

From the IABC Southern Region Bylaws
Article 9, Section 2:
A Finance Committee shall be appointed by the Chair in consultation with the Treasurer (VP, Finance) and the Region Board. The Committee shall consist of: the Treasurer (VP, Finance), who as Chief Financial Officer, shall serve as chair, other members may include the Chair at his or her discretion, the Vice Chair, a member of the Region Board selected by the Chair, a member of the Region Board selected by the non-officer members of the Region Board, and other members at the Chair’s discretion. It shall be the duty of the Finance Committee to review regular financial results; to oversee the preparation of an operating budget for the fiscal year adopted by the Region Board; and to annually review the Region’s policy on its Financial Reserves. The Finance Committee may from time to time submit amendments to the budget for the current fiscal year, which may be adopted by a majority vote of the Region Board, and shall report at the Regional Leaders Meetings, Annual General Meeting, and otherwise as it becomes necessary. Committee members shall serve one-year terms and may be reappointed for a second consecutive term.

Grants Committee 

From the IABC Southern Region Bylaws
Article 9, Section 8:
If deemed necessary, a Grants Committee consisting of two or more members shall be appointed by the Chair in consultation with the Region Board, including a Director for the Portfolio, and in consultation with that Director. The Treasurer (VP, Finance) shall be an ex officio, voting member of the Committee. The Committee shall electronically manage the flow of information regarding the Region’s grants application process for attending the Southern Region annual conference, Leadership Institute, and any other financial award programs established or pursued by the Region. The Grants Director and committee members shall serve a one-year term, and may be elected for a second consecutive term.

Sponsorship Committee 

From the IABC Southern Region Bylaws
Article 9, Section 10:
If deemed necessary, a Sponsorship Committee consisting of two or more members shall be appointed by the Chair in consultation with the Region Board, including a Director for the Portfolio, and in consultation with that Director. The Treasurer (VP, Finance) shall be an ex officio, voting member of the Committee. The Committee shall provide strategic direction for establishing and pursuing a relevant revenue model for the Region. It shall conduct an annual review to determine whether the strategy should be amended or changed, based on the record of aims and objectives achieved in previous years. The Sponsorship Director and committee members shall serve a one-year term, may be elected for a second consecutive term.


For more information about the Finance portfolio area, please email treasurer@iabcsouthern.com.