Joint Finance Committee

AAN COMMITTEES

The Finance Committee is responsible for the review of the annual operating budget and recommending the budget to the Board of Directors for approval. The Committee is also charged with, on a periodic basis, reviewing the internally prepared financial statements and other items which could have a material impact on the organization’s financial position and reporting the results to the Board of Directors.

Chair: Charles C. Flippen II, MD, FAAN

Staff Liaison: Kevin C. Myren, CPA, Chief Financial Officer

Job Description

Responsibilities

  • Provide oversight for review of the annual budget and recommendation to board for approval
  • Perform long-term financial planning and ensure that financial objectives align with the organization’s strategic plan as set forth by the board of directors, recommending corrective actions to the board as appropriate
  • Review, on a regular basis, the organization’s internal financial statements and recommend actions to be undertaken by the board as needed
  • When the need arises, investigate and provide guidance regarding financial implications of a pertinent issue or transaction as directed by the board

Annual operating and capital budgets
The Committee is to obtain an understanding of the organization’s financial environment.  Committee members oversee the preparation of the organization’s annual operating and capital budgets and present the annual budgets to the board of directors for approval.  Its members should monitor the budgets in comparison to actual results on a regular basis and question any inconsistencies or unusual variances.  Any changes to the budgets during the year are reviewed by the Committee, which then recommends these changes to the board for approval.

Long-term financial planning
The Committee is to oversee the organization’s long-term financial planning, including the financial aspects of new programs and services, changes to the organization’s operations, capital expenditures, and other financial needs that fall outside of the annual operating budget. In carrying out this objective, the Committee will monitor and review the financial performance of the organization, as a whole and with respect to its major programs or business lines, against approved budgets and long-term plans.

Internal financial statements
The Committee must review, on a regular basis, the organization’s internal financial statements and provide reports to the board on financial results.  Annually, the Committee will receive review the financial statements and communications provided by the independent auditors, and provide guidance to the board of directors as needed to ensure the reliability of financial reporting year-round, recommending changes as appropriate.

Estimated Time Commitment
The Finance Committee shall meet at least four times per year, or when necessary as convened by the Committee’s chair.

Committee Members
The organization’s (AAN) Treasurer shall serve as the chair of the Committee. The members of the committee shall be AAN’s Executive Committee and the Treasurer of AANI.