The PES By-Laws describe the Committee in Article I, Section 4:
“A Finance Committee of at least four members shall be appointed by the incoming President to staggered terms of three years (with the possibility of renewal). The Chair shall be elected by the members of the Committee. The function of the Committee shall be to review the PES investment strategy and portfolio, as well as the Society’s annual budget, and to recommend substantive and procedural changes as necessary to the Executive Board.”
The Committee Chair has three responsibilities to ensure that the Executive Director has appropriate fiscal/financial guidance:
To communicate regularly with the Executive Director about conference and society operating budgets as well as investment and banking strategies.
To facilitate review of the Society’s investment holdings and banking practices by the Finance Committee members annually (and on other occasions if market or other economic indicators warrant).
To facilitate review of budgets (conference budget and operating budget) by the Finance Committee.
February: Review financial and investment information with the Executive Director to assess the integrity of the Society’s investment plan and to prepare a Finance Committee report for the annual conference.
June: Review Society operating budget for the coming fiscal year (July 1 - June 30) to ensure that dues levels for the following year will be adequate to support Society operations. Approve operating budget.
July: Review conference budget for the next membership year to advise the Executive Director on setting registration fee levels that will ensure that the conference generates a surplus of funding. Approve conference budget.