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Budget and Finance Committee
2008–2010 term
Chair
Ken Potter, University of Wisconsin, Madison, Wisconsin
Council Representative
Peter Shearer, University of California, San Diego, California
Members
Steve Burges, University of Washington, Seattle, Washington
John Dickey, Quebradillas, Puerto Rico
Rick Hooper, CUAHSI Group, Washington, D.C.
Nicole Molders, University of Alaska, Fairbanks, Alaska
Detlef Stammer, Inst fuer Meereskunde, Hamburg, Germany
Ex-Officio
Carol Finn, USGS, AGU General Secretary
Staff Liaison
Robert van Hook
Mark Hernick
Committee Charge
The Budget and Finance Committee is charged with oversight of the Union's financial health. This Committee contributes to the long-term success of the Union by assuring that the fiscal resources available to AGU and, thus, its ability to serve its purposes, continually grow to meet new needs. The Committee reviews and reports on the financial aspects of all of the Union's activities and takes action or makes suggestions to staff, committees, and the Council in accord with existing practices and policies.
The Committee is responsible for development of the annual budget and for presentation of this budget to the Council, usually at the Fall Meeting. The Committee is also responsible for monitoring performance against the established budget, understanding deviations, and suggesting corrective actions as appropriate. Preliminary budgets, regular and special reports and other supporting materials are prepared by the staff at the request of the Committee. The Committee is responsible for setting limits for the various endowment-type funds. The Committee is asked to advise the Development Board on the amount of monies required to endow the outreach and other non-revenue-producing programs so that the publications and meetings programs do not need to be taxed in order to support these activities in the future.
The Committee is to maintain a continuing review of the performance of AGU's invested funds and to suggest or make needed changes in their management in accord with the policies approved by the Council. The Committee is also responsible for making recommendations to the Council on changes in investment and other financial policies. According to Council-adopted policy, the Committee may engage financial advisors to assist them in fulfilling the aspect of its responsibilities.
AGU operates with the guidance of a strategic plan adopted by the Council. The schedule for maintenance of the plan requires a continuing review of AGU's finances, global financial trends, and the implications of potential change for the Union. The Budget and Finance Committee is responsible for undertaking programs to achieve the objectives in the approved plan that are relevant to it, and for making regular reports on progress.
During the 2008-2010 term, the Committee is specifically asked to establish a process that will ensure that the objectives of the Union's 2-year plan are aligned with the annual budgets and to monitor the effectiveness of this process.
–July 2008