Finance & Operations Committee

The Finance & Operations Committee is a standing committee authorized by Article V, Section 7, of the AGA Bylaws.

Mission

The Finance & Operations Committee creates an annual budget that reflects the strategic priorities of AGA, oversees investments and management of AGA assets, oversees the national office and counsels the AGA Governing Board on matters that affect the financial and operational viability of the organization. Additionally, the committee implements governing board fiscal and operational policy and ensures adherence to it.

Committee Structure

  • The committee shall consist of the executive committee, the Secretary/Treasurer elect (if any), the past Secretary/Treasurer, plus three at-large members (not on the board) appointed by the Secretary/Treasurer with the approval of the board.
  • The three appointees shall meet the following criteria:
  • Expertise in investment and/or financial planning, operations.
  • Experience in budget development and monitoring.
  • Good understanding of GA’s strategic plan and operations.
  • The chair of the committee is the AGA Secretary/Treasurer.
  • The committee reports directly to the governing board.

Committee Functions

The responsibilities of the committee are set forth in the Bylaws, Articles V, Section 7:

(1) recommending strategies and policies to the governing board, relating to the prudent management of the assets of AGA and the efficiency of its operations; (2) implementing governing board fiscal and operational policies and ensuring adherence thereto; (3) developing and overseeing current and future budgets; (4) recommending investment philosophy and policy to the governing board and monitoring the investment manager’s performance; (5) developing financial projections for AGA; (6) recommending amendments and changes to the governing documents and governance process; and (7) developing and implementing policies and procedures for AGA membership.

The primary role of the Finance & Operations Committee is to recommend strategies and policies to the governing board, relating to the prudent management of the assets of the organization and to the efficiency of its operations.

The committee is then responsible for implementing and overseeing the strategies and policies and reporting progress and status to the governing board. More specifically:

  • Implements relevant strategic directions from the strategic plan assigned to the committee; reviews the strategic plan to determine new and better ways to achieve association goals.
  • Provides input on strategic trends and opportunities and suggested adjustments to the strategic plan for the chair to communicate to the leadership cabinet.
  • Budget Preparation: Develops the annual budget using the strategic plan and the governing board’s prioritized list of programs as a guide.
  • Monitors revenues and expenses in relation to the established budget. (The Secretary/Treasurer relays the committee’s budgetary recommendations to the governing board.)
  • Honoraria and Expense Reimbursement: Examine honoraria and expense reimbursement levels and policy and make recommendations for such to the governing board.
  • Audit: Review the annual audit.
  • Insurance Review: On an ongoing basis, review the insurance coverage maintained by the organization to ascertain its adequacy.
  • Investment Review: Recommend investment philosophy and policy to governing board.

Monitor the investment manager’s performance and recommend changing managers if the committee believes that such a change is warranted.

  • National Office Review: Hold one meeting every other year at the national office.

Inspect the physical premises; observe staff; meet with the executive vice president, vice president of finance and any other staff that the committee deems advisable.

Review the staff organization chart, work flow and operations.

Ascertain whether or not the national office is operating efficiently.

Make recommendations to effect greater productivity, if necessary.

  • Planning: Develop financial projections for the organization and recommend to the governing board courses of action that will maintain the AGA’s economic viability.
  • Policy Formation: Develop and update financial and operating policy for recommendation to the governing board.

Such policies encompass (but are not limited to) investment of reserves, reserve levels, honoraria, expense reimbursement, insurance, audits, authorization levels, budgets, operations of the national office and financial operations of committees, task forces, sections, councils and editors.

Members

Damian H. Augustyn, MD, AGAF
C. Richard Boland, MD, AGAF
Frank G. Gress, MD, AGAF
Gail A. Hecht, MD, MS, AGAF
Loren A. Laine, MD, AGAF
John Thomas LaMont, MD, AGAF
Ian L. Taylor, MD, PhD, AGAF
Michael L. Weinstein, MD