The finance committee’s purpose is to advise the Board of Directors in its oversight responsibilities relating to fiscal management of the Association. In close partnership with the Association staff, the finance committee proposes an annual operating budget, reviews financial policies and practices, and oversees NODA’s investment funds. This committee is responsible for ensuring the overall financial health of the Association.
This past year has been a challenging time for the committee and the Association as we deal with the impact of COVID-19 on our revenue streams. In the spring, the committee tackled the financial impact of cancelling many of our regional conferences and how the Association could go about refunding participants a portion of their conference fees. In addition, the committee worked with the Association staff to develop an operating budget for the next year which accounts for the impacts of the global pandemic. The committee is pleased to share the Board has approved this operating budget during their summer meeting. Finally, the committee has developed some temporary financial oversight practices to closely monitor the cash flow of the Association and ensure we continue to have funds available to meet our obligations. Overall, the Association is doing well during these tough financial times.
Moving forward the committee will be working with the Association staff to identify additional non-program revenue opportunities. We will be identifying ways we can leverage our membership database, increasing value to our Associate Members, and identifying new sponsorship opportunities. In addition, the committee will take a comprehensive look at our investment portfolio and review our strategy for fund growth and utilization. We look forward to providing more information about the financial health of NODA during the Annual Conference.
Committee meetings are open to all members, if you are interested in joining please contact Chris Verhaeghe, NODA Secretary/Treasurer.