Annual Report (2002)
ARLIS/NA Finance Committee

Submitted by: Trudy Jacoby, Chair (Ex-Treasurer)
tjacoby@princeton.edu
Phone: 609-258-5853 / Fax: 609-258-0103

Leadership Update

Trudy Jacoby (continuing chair)

2002 Committee Members:

Daniel Starr, Allen Townsend,Ted Goodman, Karen McKenzie.
Board Liaison: Phil Heagy.  

Incoming 2003 Committee Members:

Allen Townsend, Jeanne Brown, Daniel Starr, Carol Graney.
Board Liaison: Phil Heagy            

Activities, membership, plans, etc.

There has been major rethinking of the role and membership of the ARLIS/NA Finance Committee during this year.  The committee is now made up of people well acquainted with the financial matters of ARLIS/NA (mostly members of the Executive Board) with a revised charge as an advisory committee to the Executive Board.  The major project for this year was the work on the rewriting of policy manual and other society financial areas.  This will continue and hopefully be completed next year.  This includes Section J and Financial Information for Board Members.

The monitoring of funds and advising on investments was quite simple this year as funds were transferred to low risk instruments in order to be consistent with the allowable investment instruments as stated in the Policy Manual Section J.  I suspect that few organizations were as well positioned for the market turndown of the past year.  This is a matter of great satisfaction for the committee. ARLIS/NA Strategic Plan  

1. Refine methods for overseeing the Society’s investments which include: determine a methodology by which information concerning endowment management is gathered from other similar organizations, establish guidelines for reviewing the statements, and maintain a chart providing an overview of income and fees. (IV B)

2. Write guidelines for the use, establishment, and distribution of short-term and long-term funds. (IV B)

The current work of rewriting Policy Manual Section J relates to item 2 of the strategic plan.  Work will continue on this and also on related sections of documentation such as Financial Information for Board Members.  The Strategic Plan items will also be examined in light of the current investments that were chosen to eliminate any risk to capital.  Long term guidelines and oversight methods will be examined.   

Issues for the Executive Board  (concerns, suggestions for additions to Strategic Plan, etc.) 

The Board is much more fully involved in financial oversight than it had been.  The Treasurer with the Executive Board made great steps in reorganizing the restricted funds.