AORE Association Governance Update Finance Update | Page 3

Additionally, the Board works to acquire funds for the AORE through charitable giving, recruiting and cultivating donors, and making connections to potential grant opportunities. Every Board member makes a personal gift to the Association and is encouraged to contribute at a personally significant level.

Executive Director

The Executive Director has a number of responsibilities related to the Associations Finances.

The Executive Director is responsible for the day to day operations of the AORE including the

preparation and execution of the AORE’s operating budget. Additional responsibilities include:

● Achieving the Association’s mission and financial objectives.

● Maintaining a flow of funds permits the Association make progress towards its mission.

● Ensuring funds are allocated properly to reflect present needs and future potential.

● Developing and implementing personnel training and development

plans that provide adequate human resources to achieve the mission.

● Formulating and administering all major policies.

● Assuring that the Association has a long-range strategy and that progress is made

towards this strategy.

● Understanding and sharing market and industry trends with the Board to support

strategy development.

● Ensuring appropriate checks and balances in operations of money management.

● Documentation of 990 form and all paperwork.

● Complying with all relevant human resource, tax, and insurance regulations

The Financial Advisory Committee

The Financial Advisory Committee (FAC) is a Board Committee created in 2011 to develop

policies that expand the Association’s institution knowledge, offer guidance over many years,

and allow AORE to maximise our resources. The FAC is chaired by the Treasurer and

composed of three members who were recruited and vetted based on their experience

managing large, complex budgets, knowledge of finances, and investments. The Executive

Director is a non-voting member of the committee. The FAC is responsible for a number of tasks including:

● Ensuring compliance with local, state and federal regulations governing nonprofit

financial reporting.

● Ensuring there is a policy for Form 990 completion, review and submission for the BOD

to fulfill its fiduciary oversight.

● Ensuring complete, accurate financial records are maintained, monitor reports, and

ensures compliance with financial investment policies.

● Annually reviewing the policies for reserves and for investments. Makes

recommendations to the BOD for all financial policies.

● Reviewing annual budget proposed by the Executive Director prior to Board approval

and provides insight, questions and recommendations as appropriate to the Executive

Director.

● Interpreting the ideas and vision submitted by the BOD and advising the BOD on

whether the draft budget and investment strategies will achieve the stated goals.

● Working with the board to safeguard the organization's financial assets and make sure

that any investments are wisely managed.