The Audit Committee shall be an Ad Hoc committee comprised of no fewer than three (3) nor more than five (5) directors appointed by the Board President/Chair. While serving on the Audit Committee, a member of the Committee shall not: a. accept any consulting fee, advisory fee, or other compensation or benefits from MeHIMA; or b. have participated in any other transactions with MeHIMA in which he or she has a financial interest within the previous year.
The Committee shall be directly responsible for the appointment, compensation, and oversight of the work of any public accountant or public accounting firm engaged by MeHIMA for the purpose of preparing or issuing an audit report or related work, and each such public accounting firm shall report directly to the Committee. The Committee shall establish procedures for: a. the receipt, retention, and treatment of complaints received by MeHIMA regarding accounting, internal accounting controls, or auditing matters; and b. the confidential, anonymous submission by members of MeHIMA of concerns regarding questionable accounting, auditing, or other financial matters. The term for this committee’s appointees will end once the specific reason for the audit has concluded.
The Finance Committee shall consist of the Treasurer, as Chairperson, and at least two members, one being the second-year Director. The Finance Committee shall be responsible for oversight of the financial operations of MeHIMA.
The Committee shall undertake the following responsibilities:
- Review, discuss and recommend changes to the proposed annual MeHIMA budget and submit for approval to the Board of Directors.
- Review, discuss and approve the monthly financial statements for MeHIMA;
- Prepare and present a financial update at each BOD meeting as well as a formal financial update at the MeHIMA general educational conferences during the Business Meeting twice a year. This report requires a vote for acceptance.
- Periodically, review and discuss the quality, quantity, substance, and dissemination of financial information provided to the Board of Directors and the Committee, recommending improvements as necessary; and
- Monitor the investments of MeHIMA and develop and recommend to the Board changes to MeHIMA’s investment and endowment policies as appropriate.