2004 Finance Cmte Annual Report

FINANCE COMMITTEE
ANNUAL REPORT FOR 2003

1. The stated tasks of the Finance Committee are:
* to review and recommend the annual operating budget,
* to review and recommend financial policies,
* to lead the Executive Board on fiscal policy issues,
* to review and recommend investment guidelines/strategies,
* to recommend a target amount for the reserve fund and the allocations between operating and investments within the reserve fund,
* to recommend specific targets within the investment guidelines for equities and fixed income,
* to review the investment performance at least twice annually,
* to review and recommend acceptance of the annual audit report.
In 2003, the Finance Committee
* reviewed and approved the 2004 Operating Budget of $6,578,298,
* approved funding $631.7k from the Association's investment portfolio in support of AAA's transition to digital publishing and AnthroSource,
* approved new Guidelines for the Establishment and Administration of a Permanent, Term, or Quasi Endowment,
* reviewed investment performance reports from A.G. Edwards & Sons in May and November. Brad Coyle, Senior Vice President at A.G. Edwards, reported a 10% appreciation in the AAA portfolio during 2003.
* approved a change of investment managers during an August conference call,
* received and recommended acceptance of the 2002 Audited Financial Statements for the AAA.
* approved a motion to review the AAA Investment Policy Statement at its Spring meeting, 2004.
* approved a motion to develop financial objectives related to AAA's endowment, fundraising, operating budget, and membership for consideration by the LRPC and inclusion in the LRP. *

These actions were taken in order to insure the financial well-being of the AAA and its ability to pursue its Long Range Plan.

2. In 2004, the Finance Committee intends to review the AAA Investment Policy Statement. It will probably also consider new configurations for the Director of Fund Raising position vacated by Larry Rzepka and the role of the Resource Development Committee.

3. The goals of the Finance Committee have not changed.

4. In 2004, the Finance Committee recommends that financial objectives be included in the LRP related to AAA's endowment, fundraising, operating budget, and membership.

5. The Finance Committee has no questions for the Executive Board. 2

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