Sustainable Agriculture Institute

Financial Audit Committee

 

Purpose

The Financial Audit Committee monitors SAI’s financial condition and approves the selection of an outside, independent auditor. The Committee oversees the annual audit of the financial records of SAI and recommends to the Board and staff such changes in records, internal controls and procedures, as it deems necessary.

Structure

The Audit Committee is composed of six members, including the Secretary-Treasurer of SAI and the Chair of the Finance and Investment Committee as ex officio members. The remaining four positions are members of the Board appointed by the Vice Chair-Chair Elect (who shall preside as Board Chair during the year for which the appointments are made). Committee members may serve for a maximum of three, one-year terms, which may run consecutively. Members include one from an Accreditation Council member institution, one from an educational institution that is not a member of the Accreditation Council, one non-educational member, and one at-large member. One Committee member is designated as Committee Chair by the Vice Chair-Chair Elect (who shall preside as Board Chair during the year for which the appointments are made).

Operating Guidelines

1. The Vice Chair-Chair Elect (who shall preside as Board Chair during the year for which the appointments are made) will appoint members to the Audit Committee no later than July 1 of the year of service.

2. In conjunction with a Board meeting, the Audit Committee will meet in person; or it may meet by telephone conference call in September after the conclusion of the annual audit and receipt of financial statements.

The purpose of this meeting is to:

a. Review the audited financial statements and the conduct of the audit.
b. Meet with the auditors.
c. Prepare a recommendation to the Board regarding acceptance of the audited statements and appointment of an auditor for the current fiscal year audit.

 

3. If a search for a new audit firm is conducted, the Audit Committee will meet between September and April to discuss the interviewing of prospective firms. At either the January or April meeting of the Board, the Committee will recommend one firm for appointment for the current fiscal year.

4. The Committee Chair presides over meetings of the Committee and is authorized to approve all visitors to the meetings.

5. A quorum requires three Committee members in attendance, in person, or by electronic means.

6. Meetings are relatively informal, but Robert’s Rules of Order and parliamentary procedure guide formal actions.