Page 12 - Spring2022

may propose names of potential candidates, including themself, to the nominating committee. Self-proposal of candidates is intended to widen the pool of candidates to as many members as possible.
Now let’s turn to the running of the Society and, in par- ticular, ensuring our fiscal health.
Understanding Acoustical Society of America Finances
ASA finances are managed with an eye toward Society
growth and sustainability. We must optimize our cur- rent financial position (balance sheet) and configure our annual operating budgets for the long run. ASA finances are overseen by an elected treasurer (Judy Dubno), the ED, and the Finance Director and supported by the ASA headquarters (HQ) staff, all of whom recommend policy to the EC. Four administrative committees (Audit, Finance, Acoustical Society Foundation Board [ASFB], and Investment) provide additional oversight to ASA finances and also recommend policy to the EC. These committees are comprised of ASA members and sup- ported by ASA HQ staff.
The treasurer is the chief financial policy advisor to the EC and is responsible for oversight of the long-term strategic financial matters of the Society and short-term financial policy implementation. The treasurer works closely with the four financial administrative commit- tees, the EC, and the HQ staff on all things financial. The ED provides oversight to the ASA HQ staff to manage day-to-day financial activities, and the finance director provides expertise and guidance to committees on all financial and accounting related issues.
The Audit Committee, composed of three EC members, assists the EC by working with our external auditors to moni- tor the appropriateness and integrity of the Society’s financial reporting, accounting policies, and internal controls.
The Finance Committee assists the EC on long-term finan- cial viability of the ASA by making recommendations on long-range financial decisions. The Finance Committee looked deeply into ASA finances and submitted a report to the EC in December 2020. As a result of that report, it was decided to hire a consultant to review the ASA entire financial structure so that we can move toward a fiscally sustainable model to support operations and programs.
The ASFB manages the Acoustical Society Foundation Fund (ASFF) for the Society, and acquires, maintains, and ensures the correct expenditure of endowment funds and restricted and unrestricted donations. Their monies go entirely toward ASA prizes, awards, grants, fellow- ships, scholarships, and programs (for more details, see https://bit.ly/3ta8x90).
The Investment Committee reviews the financial invest- ments of the ASA and, with EC approval, develops investment and spending policies and procedures for the Society. The Investment Committee works with the ASFB and two independent investment advisors to plan the optimal methods for increasing earnings from our endowment, dividends, and interest while managing risk.
For more information, about these and all the ASA adminis- trative committees see the Rules at https://bit.ly/3ASARules and the committee organizational chart in Figure 2.
Another crucial piece of information needed to under- stand the ASA financial structure is the relationship between our sources of revenue and our expenditures. To make this straightforward, I am presenting this as four financial groups: HQ staff, meetings, standards, and pub- lications, although some overlap may occur.
The first group is the ASA HQ staff. The ED and her staff (see Figure 1) manage the day-to-day operations of the ASA and ASA outreach programs, with collaboration from many administrative committees. HQ salaries and other expenses are funded in part by the revenue from annual membership dues.
The second group contains the semiannual Society meet- ings, whether in person or virtual. These are also managed by the ED and her staff, with collaboration from local teams and many administrative committees. Sources of revenue include meeting registration fees, exhibitor fees, and the newly developed sponsorship fees. Expenses include everything related to the meeting, including staff.
The third group contains the standards director and stan- dards office (see Figures 1 and 2), also supported by five standards committees. The standards director works with the standards office to support the development of and maintain the national and international standards in acous- tics. The revenue from standards royalties and fees pays for a portion of the standards related salaries and expenses.
12 Acoustics Today • Spring 2022