Finance
The Finance Committee ensures long term financial welfare of ILTS, advises on management of the Fund for Education and oversees the annual budget and investments.
Key aims:
- To ensure long term financial welfare of the society,
- To oversee ILTS annual budget and investments, and to recommend adjustments in expenditure and investment strategy when appropriate,
- To oversee and advise on the management of the ILTS Members’ Fund for Education.
Key tasks and dates:
- Review current year’s expenditure and following year’s proposed budget in December, and report twice yearly to ILTS Council: January-February written report for Winter Council Meeting agenda book (chair to attend in person if requested by Executive); May-June: written report for Annual Congress council meeting agenda book and chair to present in person.
- Meet at Annual Congress to review recent activities and member feedback, discuss council input from the most recent Council Meeting and develop an agenda for the following year
- Review online applications for committee membership annually (January-March) and nominate replacements for members expiring in that year. The process as per ILTS Committees Policy, to be completed four weeks before the Annual Congress
Key performance metric: Satisfactory reports to ILTS Council
Committee Members:
- Mark Ghobrial, MD, PhD, FACS, FRCS– Chair {2019-2022} and Affiliated Councilor Houston Methodist Hospital, Houston, TX
- Claus Niemann, MD {2020-2023} University of California San Francisco Medical Center, San Francisco, CA
- Dermot Ryan, {2020-2023} Berlin, Germany
*Committee terms shown in brackets
New Finance Committee Role: August 2021
A new role has been proposed by the Executive, to be incorporated in the Finance Committee terms of reference. This involves appointment of a member with significant experience in budget and investment matters, specifically to support the Treasurer.
Terms of reference:
- ILTS member, nominated by Executive Committee majority with agreement of Treasurer
- Three year appointment, renewable at discretion of Treasurer and Executive
- Read-only access to society accounts and investments
- Responsible to Treasurer
- Supported by Executive Director and Secretariat
- Attends Executive Committee and Council meetings by invitation
Duties:
- Assist and advise Treasurer on budget and investment issues as follows:
- Ensure long term financial welfare of the society
- Oversee ILTS annual budget and investments, and recommend adjustments in expenditure and investment strategy when appropriate
- Review current year’s expenditure up to monthly and assist treasurer in reporting to Executive Committee and Council
- Oversee and advise on management of the ILTS Members’ Fund for Education
- Assist treasurer in developing following year’s proposed budget in December
- Identify and communicate with an independent, non-commission based investment advisor annually, or more frequently when needed, if instructed by Treasurer
- Deputise for Treasurer re meetings and reports as required; signatory capacity to be determined.