The Budget and Finances Committee serves as an advisory committee for the Board and for the standing committees that incur substantial expenses and/or take in significant revenue. The Committee shall prepare a budget for each fiscal year (1 July to 30 June) and submit it to the Board by May 1 of each year. The Board can modify the budget plan, but it needs to approve a budget plan by the start of each fiscal year. The Budget and Finances Committee will report to the Board on the Society’s spending and revenues at each monthly meeting, noting any deviations from expected revenue or expenditures. A written budget summary shall be presented to the Membership at the annual face-to-face business meeting.
The Budget and Finances Committee will also regularly monitor and supervise the flow of revenue into the Society’s accounts and the disbursement of funds to cover expenses. Special attention will be devoted to reconciliation of the financial operations of the annual meeting and the Society’s journal. The Society’s assets are held in commercial accounts, with multiple signatories (including at least the Treasurer and the current President), and the Committee is responsible for maintaining an accounting plan to assure the security of the Society’s funds.