Finance Committee

Mission and Goals

The Finance Committee has general oversight responsibility for all of MARAC's financial matters. The committee has the following specific responsibilities:

1. Act as advisor to the MARAC Treasurer.
2. Establish and revise MARAC financial policies and procedures, as necessary.
3. Review quarterly financial reports prepared by the MARAC Treasurer.
4. Approve major contracts involving the expenditures of MARAC funds.
5. Review and approve proposed budgets for semi-annual meetings prior to their submission to the Steering Committee.
6. Review the final financial reports from all MARAC semi-annual meetings.
7. Perform an annual audit of MARAC's financial records and have the results reported in writing to the MARAC Treasurer who will, in turn, report all findings to the Steering Committee.
8. Review annual federal tax filing prepared by accountant and signed by Treasurer.
9. Review and approve all unbudgeted expenditures in excess of $500 and forward requests to the Steering Committee for final approval.
10. Maintain MARAC's sales tax exemption in all jurisdictions in our region from which they have been obtained.
11. Each fiscal year, the Finance Committee will review the total profits, if any, generated from the Fall and Spring meetings, and make a recommendation to the Steering Committee as to where those funds should be directed. Options include returning the profits to the general operating funds, where they may support budgetary increases to designated spending lines or simply enhance budgetary reserves and surpluses; directing them to any of the restricted line items (i.e. Education, Disaster Assistance, and Finch Award); or directing them to other purposes in support of MARAC and the archival profession. In making its recommendation, the Finance Committee shall keep in mind that financial stability is the first priority, followed by MARAC's primary mission of education. The Finance Committee will include its recommendation with the report submitted to Steering Committee during the first quarter of the fiscal year, and Steering will vote upon that recommendation.
12. Consider all matters referred by the Steering Committee, MARAC Treasurer, or the MARAC membership.

Operations

The Finance Committee consists of the MARAC Treasurer (who also serves as Chair of the committee), three members appointed by the MARAC Chair-elect, one (1) Member-At-Large appointed by the MARAC Chair, and the Development Coordinator as an ex-officio member, for a total of six (6) members. Appointed committee members shall serve two-year staggered terms and may be reappointed.

The MARAC Treasurer will keep a written report of all activities and submit a combined Treasurer/Finance Committee report to the MARAC Steering Committee prior to each of its quarterly meetings. The Finance Committee may submit a separate report to the Steering Committee if and when it finds it necessary.

Operations Manual

Detailed descriptions of responsibilites and templates can be found HERE.

In 1996, the Steering Committee, approved a document entitled, "Guidelines for Reimbursement and Guidelines for Budget Requests" and has updated this document as needed. These Guidelines are used by Steering Committee members and their committees when requesting reimbursements for official MARAC activities and for devising annual budget requests.

Long-Range Plans and Goals

1. To maintain the tax-exempt status of MARAC as a non-profit 501(c)(3) organization.
2. To maintain the sales tax-exemption status of MARAC in all jurisdictions in the region.
3. To grow and strengthen the endowment fund used for educational purposes.
4. To streamline current accounting practices.
5. To maintain a "watchful eye" on the financial structure of MARAC.

Contact

Contact the Treasurer at [email protected]

Last revised June 2023