The Finance Committee was formed by the MLA Board in August 2008 in an effort to provide continuity to the Budget Committee, and to assist the Executive Assistant in the financial matters of the association.
- The Finance Committee consists of the immediate Past President as Chair, two additional Past Presidents, and the Secretary/Treasurer. The Executive Assistant is an ex officio member.
- The Finance Committee will draft a recommended annual budget that will be presented to the Budget Committee by July 15 for their review and possible amendment. In order to achieve this goal, the Finance Committee will receive from the Executive Assistant the requests for financial allocations from the operating areas of the association as well as any financial information necessary for drafting the budget. The recommended budget shall include allocations for officers, divisions, committees, and interest groups based upon the Association's mission and goals, end of the year bank account balances, estimated income, and the requests submitted by the officers, division, committee, and interest group chairs. A 15% Reserve Fund, as stipulated in the “Reserve Fund Policy” shall be included in the budget.
- The Finance Committee is responsible for monitoring the income, investments, and expenditures of the association and for making recommendations concerning financial policies and procedures to the Budget Committee for their consideration and approval. In order to perform this task, the finance committee shall receive current electronic bank statements from the Executive Assistant as they are received, as well as the Financial Report two weeks in advance of scheduled Board meetings.
- A yearly audit will be performed by the Finance Committee in June of each year and an audit report will be submitted to the Budget Committee. A professional audit will be performed every five years or as needed.