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Society Operating Guidelines

About ASSP

Our Society Operating Guidelines describe in detail the manner in which American Society of Safety Professionals is structured and governed. They are intended to accompany and be consistent with ASSP bylaws.

Section 6.2: Finance Committee Operating Procedures

I. Purpose and Scope

The Finance Committee is a standing committee per the ASSP bylaws. This document provides guidelines for the Finance Committee to carry out its fiduciary responsibility to the membership in support of ASSP's strategic plan.

Responsibilities of the Finance Committee include:

  1. Oversees the Development of the Society’s annual budget:
    • Establishes budget guidelines;
    • Consolidates and reviews the annual operating and capital budgets;
    • Proposes operating and capital budgets to the Board of Directors for approval.
  2. Evaluates the Society’s financial position, proposed budget exceptions and Board Designated / Development Fund Spending and makes recommendations to the Board of Directors on these matters;
    • Reviews quarterly and annual financial reports on performance versus budget;
    • Analyzes Society's financial strengths and weaknesses;
    • Monitors Society assets including but not limited to its investment portfolio and reserve position;
  3. Engages an independent auditor to review the Society’s financial statements and internal controls.
    • Receives / reviews auditor’s report;
    • Assures appropriate accounting policies are followed and internal controls are in place.
  4. The Committee reviews the financial impacts of new proposals and initiatives as requested by the Board of Directors.

II. Committee Membership

The Finance Committee consists of seven members capable of providing financial oversight of a complex organization, and acting in the best overall interests of the Society includes:

  • Vice President, Finance (Chair);
  • One representative each from CoRA. CoPD, CoPS, and CoPA with Council-level experience;
    • Representatives should have recent understanding of Council strategies, activities and issues.
  • Two Society members-at-large.
  • In addition to these seven members,
    • The President, President-Elect, Senior Vice President, and Executive Director are ex-officio;
    • Director of Finance is staff liaison.

In consultation with the Vice President, Finance, membership is proposed by the Council Vice Presidents, as appropriate, to the President-Elect. At-large members are proposed by the Vice President, Finance to the President-Elect. The President-Elect nominates these members for approval by the Board of Directors.

Terms of Appointment

  • The Vice President, Finance serves as Finance Committee Chair for one, 3-year term, concurrent with term of office.
  • The other six committee members each serve one 3-year term.
  • To ensure continuity, half of the committee changes each year as follows:
    • One member-at-large and CoPA and CoRA representatives change in odd numbered years.
    • One member-at-large and CoPD and CoPS representatives change in even numbered years.
    • Should a member not complete the three-year term, a replacement will serve out the remainder of the term in order to maintain the integrity of the rotation.

The Finance Committee may establish sub-committees as it deems necessary. The Vice President, Finance appoints members to these sub-committees and the Finance Committee oversees these sub-committees.

  • Risk Management Sub-committee is a standing sub-committee (see SOG 6.6).

III. Meeting Schedule

The Finance Committee meets as required, but at minimum semiannually, via teleconference or face-to-face meetings, as appropriate.

Finance Committee members shall receive an agenda and supporting materials in advance of any meeting.


The Finance Committee is accountable to the Board of Directors through the Vice President, Finance.

Any sub-committees, if active, are accountable to the Finance Committee.


Four or more members of the Finance Committee constitute a quorum.

The staff liaison implements directions and guidelines approved by the Finance Committee, manages daily accounting activities, and reports monthly to the Vice President, Finance and quarterly to the Finance Committee.

The Finance Committee budgets for its own operations, consistent with other Society standing committees.

All issues which require review and approval of the Finance Committee are to be submitted to the Vice President, Finance as soon as practicable prior to each Board of Directors meeting. (At least 21 days in advance of board meeting is preferred)

  • The Finance Committee reviews and responds to such requests as soon as possible after receipt.

The Society’s Fiscal Year is April 1 through March 31 as defined in the By-Laws.


The Director of Finance provides the Vice President, Finance with monthly reports on financial results and any action items. The Vice President, Finance as the Society’s Treasurer reports on the financial condition of the Society to the Board of Directors annually or as needed. This includes year-to-date performance as compared to budget and the prior year's performance. (See Bylaws VI Sec. 7 (H).)

The Vice President, Finance, presents the recommended Society budget to the Board of Directors annually.

Financial Audits

  • The Society retains an independent Certified Public Accounting firm annually to audit the Society’s financial statements, including the balance sheet, statement of revenue and expense, and cash flow statement, in accordance with generally accepted accounting principles.
  • The Auditor prepares the Auditor's Report, a final written financial statement, and the Management Letter which identifies any issues or deficiencies to be corrected.
  • The Chief Executive Office, Director of Finance, and Vice President, Finance, review all auditor proposals and directs appropriate responses. The Finance Committee reviews with a representative of the audit firm, the Auditor’s report, Management Letter, and any applicable response and assures agreed corrective actions are implemented.
  • The Board of Directors receives a copy of the Auditor's Report. The report is open for discussion at the Board meeting.
  • The audited financial statements are included in the Society’s Annual Report.


The Director of Finance maintains records as required by law and generally accepted accounting principles.

Approved By/Date: Board of Directors: 05/2022
Replaces Edition Dated: 06/2021
Next Revision Due: 06/2023

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