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Welcome to the Budget & Finance Committee!

LLI/NOVA’s Budget and Finance (B&F) Committee is a standing committee established in the LLI/NOVA Bylaws and is composed of a Chairperson, appointed by the President from among the members of the Board of Directors, the Treasurer, and at least two members appointed by the Chairperson.  The B&F Committee prepares the annual LLI/NOVA budget for approval by the Board of Directors. The Committee also reviews financial performance against the budget and reports its findings and recommendations to the Board of Directors, and attends to other fiscal matters as required.

LLI/NOVA Bylaws require an annual financial review (audit) to be completed by a Financial Review Committee as soon as practicable after the close of the fiscal year, and the report prepared is presented to the Board.  After the Board review, a statement of financial condition is presented to the general membership.  The B&F Committee takes the lead in reviewing the annual financial review report on behalf of the Board and provides the Board with recommendations on each finding.

To meet the Bylaw requirement for “ongoing review,” the B&F Committee compares operational budget experience against the approved budget at the mid-year point, i.e., through the end of December.  The result of this review is presented to the Board, usually at the February Board meeting.  The annual operating budget is revised, if necessary, and submitted to the Board for approval.  There is no specified format for the review and presentation.  The revised budget is not presented to the membership.

The annual operating budget is prepared by the B&F Committee in the spring and presented to the Board for review and approval at the March Board meeting.  The approved budget is then included in the LLI/NOVA Newsletter published to the membership in May.  The B&F Committee Chairperson or the President briefs the general membership on the budget at the annual business meeting, which normally occurs as part of the June Forum.

Announcements

Next Meeting: TBD

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Usual Meeting Dates
& Times

Next Meeting:  TBD

Meetings are held as necessary and meeting dates and locations are published on this page and noted in the Announcements area above.

The Committee meets as needed and as the workload requires.  Much of the Committee work is conducted by email.  At the conclusion of each meeting, the next meeting date is proposed and scheduled, based on the most convenient time and date for the Committee members.  Occasionally, scheduling conflicts require changes, so please check ahead to ensure that you have the correct date of our next meeting.

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Usual Meeting Location

We usually meet in the LLI/NOVA office (CG-216).

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Cancellation Policy

The Budget & Finance Committee normally follows the LLI/NOVA inclement weather cancellation policy (see button at right), unless members are notified otherwise by the Chairperson.

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Join the Budget & Finance Committee

If you would enjoy maintaining vigilance on the financial state of LLI/NOVA in its fiduciary responsibilities to the Board and membership, we would welcome your interest in our committee. You can request to join our committee by clicking on the Join This Committee button at the right. The Committee Chairperson will contact you to discuss opportunities for joining the committee.  [The Join button has not been implemented yet.]

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Budget & Finance
Committee Members

[This function has not been implemented yet.]  Want to know who is a member of the Budget & Finance Committee? To find out, click the Committee Member Directory button at the right.

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No Email Address?

Members without email addresses should contact the Committee Chairperson in order to join this committee or to find out who is a member of this committee.

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Budget & Finance Committee Chairperson

If you have any questions about this Committee, please contact the Chairperson, Bob Huley (click the link for contact information).

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