Budget, Audit and Investment Committee

The Budget, Audit and Investment Committee assists the board in fulfilling its responsibility to monitor the financial health of the organization and ensure that its assets are protected and its resources are used properly. Further, it monitors the financial reporting, system of internal controls over financial reporting, external audit process, internal audit function and compliance with applicable laws and regulations. 

The board has delegated authority to the committee to: review and recommend changes to the annual budget; review significant variances from budget and understand the reasons for those variances and pursue, without constraint or participation of the staff, matters within its scope of responsibilities; oversee the operating fund and foundation endowment assets in accordance with the board-approved investment policy statement; review the asset allocation policy targets established for the endowment; formulate a spending rate recommendation for the endowment for annual budgeting purposes; engage the services of such custodians, trustees, fiscal agents, investment consultant(s), investment managers and other professional personnel as it shall deem necessary in the performance of its duties.