Introducing the Our Outstanding Committees series. Throughout the next 12 weeks you will be introduced to each of RMASFAA’s 12 committees, the committee members and find out all that they accomplished this year. This is week 8 of the series.
It’s Monday at 9 o’clock and I know what you’re thinking… ”Are RMASFAA’s finances in order?”
On the off chance that you had other things on your mind, here’s an update. The Finance and Audit Committee is responsible for monitoring the money and putting together the annual budget. We work with our amazing Treasurer, David Martin, to schedule an external audit and we keep track of RMASFAA’s assets. During the past year, we’ve kept an eye on things and done some homework.
The first issue we dug into was regarding RMASFAA’s reserves. Essentially, when you shake the piggy bank, it should jingle, but if it is so full that you can’t pick it up, is that a bad thing? Should RMASFAA be spending more on training, activities, etc. rather than growing our savings? The research seemed to indicate that while there are guidelines, we (RMASFAA) have to answer that for ourselves. So ask yourself, how big should the piggy be so he jingles just right?
The second topic we looked at concerns the role of the treasurer in an association. Should this be a job held by one person or should the duties be divided up? We surveyed the state associations that make up RMASFAA as well as the other regional financial aid associations. The results showed that only 1 had a past treasurer position and just 3 had a treasurer-elect. RMASFAA’s policy of having one person carry the piggy for 2 years, is running about average.
Lastly, Widmer Roel was hired to do an external audit of RMASFAA’s books and also to file our 2014 tax return. Our piggy bank should be all set for another year.
A big thank you goes to my awesome committee members who got to shake the pig:
Summer is almost gone so enjoy a picnic or a pig out and know that RMASFAA’s money is in the bank (last pig reference, I promise)!