Current Financial Advisory Committe Members
The Financial Advisory Committee (FAC) consists of the APS treasurer as chairperson, president-elect, vice president, and three representatives, each for one 3-year term, appointed by the president as follows:
- One EIC, Chair, or Director of a board or office either serving currently or within the previous five years.
- Two Councilors, each of whom must be on Council when appointed, but one of whom can remain a member of FAC beyond the duration of their term as a Council member.
- The executive vice president, vice president of operations and the finance and administration directors are ex officio members. The FAC meets at the annual meeting and during the year as deemed necessary. Conference calls will be at the Treasurer’s discretion.
In addressing the financial needs of the society, the FAC:
- is active in developing and preparing the annual budget for Council consideration and final approval,
- advises Council on the sale or purchase of securities, real estate, or other tangible assets to meet specific needs of the society and to ensure stability and reasonable growth of the society's financial assets,
- establishes a long-range plan for financial investment and provides advice on other matters relating to the use of society funds,
- has been delegated by Council the authority regarding investments of reserve funds. The FAC will meet annually with a representative(s) of the investment firm to review the goals and performance of investments of the society’s reserve funds,
- will on an ongoing basis provide information to promote a general understanding by Council and APS membership as to the need for a financial reserve; to explore alternative sources of income to support society activities; to examine the costs and benefits of all member services, and to consider other aspects of finances as warranted,
- oversees creation of the overall APS financial strategy that includes recommendations for long-term target goals and financial priorities for the APS Strategic Plan and Financial Strategic Plan, and monitors the financial benchmarks and progress toward these goals.