Budget & Finance Committee Charge – May 2025
Purpose and Strategic Role
The Budget & Finance Committee is a standing committee of the Board that supports the Board in maintaining oversight of CRL's financial health and performance. The committee reviews the annual budget, oversees finance and investment policies, and advises the Board on financial and insurance-related risk management, in accordance with CRL's bylaws.
The committee ensures the continued financial and operational effectiveness of CRL, supporting the survival and availability of primary source materials vital to academic research and learning.
The committee, in accord with CRL's bylaws, works in partnership with CRL management and the Board of Directors.
Key Responsibilities
- Annual Budget: Review the Center's annual budget and recommend it to the Board for approval, maintaining ongoing oversight of CRL's financial performance.
- Finance and Investment Policies: Oversee and annually review the Center's finance and Investment policies.
- Risk Management: Advise the Board with regard to insurance and finance-related risk management issues.
- Additional Duties: Perform such other related activities as may be assigned by the Board.
Composition and Membership
- Chair: The Treasurer of the Board of Directors serves as Chair of the Budget & Finance Committee.
- Members: At least four members appointed by the Board of Directors in accordance with Article 8, Section 1, serving staggered two-year terms.
- Ex Officio Members: In addition to the Board Treasurer serving as Committee Chair, the Chair of the Board of Directors, the President of CRL, and the Chief Operating Officer of CRL.
Operational Framework
- Meeting Cadence: As necessary, but at least once per year.
- Reporting Structure: Recommendations and reports are submitted by the Committee Chair to the CRL Board of Directors. Per Article 8, Section 1.4, the committee keeps accurate and complete meeting minutes to be included in the minute books of the Center.
- Staff Support: The President's office and the office of the COO.
Authority
- Established as a Standing Committee under Article VIII of the CRL Bylaws (as amended 19 May 2025). The Budget & Finance Committee was originally established September 18, 1980.
- See also the CRL Governance Manual for guidance on process and parliamentary procedure.
Document Information
Document Title: Budget & Finance Committee Charge
Effective Date: (approved at Board Meeting, May 19, 2025) Last Revision Date: May 19, 2025
Responsible Party: Board of Directors