Financial Management Policies and Procedures The purpose of these policies and procedures is to affirm two principals: 1) the Board of Directors (Board) has legal fiduciary responsibilities as outlined in the Bylaws, and 2) the Executive Committee is made up of the TxDLA Officers and the Chairman of the Board, duly elected according to the Bylaws approved by the membership, and trust in their decision-making ability has been affirmed. These policies and procedures give the Executive Committee maximum latitude to maintain the day-to-day business while ensuring Board accountability for annual revenue and expenses. These Fiscal Management Policies and Procedures were adopted by the TxDLA Board of Directors. The policies and procedures may be revised or amended by majority vote of the Board. In summary: The Executive Committee operates under these policies and procedures that ensure the association remains solvent and in good financial standing.
The Finance Committee, chaired by the Treasurer and comprised of the President, President-Elect, Immediate Past-President and at least two additional members, prepares the annual operating budget and a capital budget if necessary for the upcoming fiscal year for review and approval by the Board of Directors, reviews monthly financial reports, and advises on financial decisions. Upon budget approval, the Executive Committee as a whole, with appropriate approvals as outlined, has general expenditure-making authority within the budgeted line items.
The Conference Committee Chair develops a conference budget for review and approval by the Board of Directors. The conference budget must be given careful consideration as the revenue generated by the conference will fund the operating budget for the upcoming fiscal year while maintaining adequate reserves as determined by the Board. Upon budget approval, the Conference Committee Chair, with appropriate approvals as outlined, has general expenditure-making authority within the budgeted line items.
A. Annual Operating Budget 1. The President-Elect with the Finance Committee will prepare the annual operating budget based on actual conference income, projected additional income, and proposed expenditures during the upcoming fiscal year. The annual budget should include projected income and expenditures in all major budget categories, not including budgeted items for the upcoming annual meeting and conference. 2. The proposed annual operating budget must be submitted to the Board by June1st. The Board will review and submit questions to the Finance Committee in order to take action on the budget by recommending revisions or approving as submitted.
2014-15 TxDLA BOARD OF DIRECTORS MANUAL 115