6.1 Standing Committees. In addition to the Executive Committee, the Board of Trustees shall have at least the following standing committees: Finance, Nominating, Trustee Selection, Governance, Knowledge Management, and Fundraising.
(a) Finance Committee. The Finance Committee shall consist of the Secretary/Treasurer as Chair, and the Chair, Vice Chair, IFMA President, and two (2) additional trustees.
The Finance Committee shall:
(1) Be responsible for overseeing the short- and long-term investments of the Corporation as set forth in the Corporation’s policies. This includes having the power to direct investments of funds of the Corporation and to change the same, and to direct the sale of any part or all of the securities and other investments of the Corporation or any rights or privileges that may accrue thereon and to cause the same to be transferred by the proper officers of the Corporation;
(2) Report to the Board of Trustees at each regular meeting on any changes in the Corporation’s investment portfolio since the last such meeting;
(3) Review and recommend approval of the Corporation’s annual budget to the Board of Trustees;
(4) Review and recommend approval of the annual independent audit of the Corporation’s financial condition to the Board of Trustees; and
(5) As required by statute, in cooperation with the Corporation’s accounting firm, annually prepare for the Board of Trustees’ approval a report of the financial activities of the Corporation.
Within ten (10) business days of any meeting of the Finance Committee, the Secretary/Treasurer shall circulate draft minutes to all trustees. When such minutes are approved or amended by the Finance Committee, the Secretary/Treasurer shall notify all trustees of such approval or amendment within ten (10) business days.
(b) Nominating Committee. The Nominating Committee shall consist of, the Immediate Past Chair as Committee Chair, if willing and able to serve, and otherwise the most recent Immediate Past Chair willing and able to serve, and 3 to 5 members, of which at least one (1) must be a member of the IFMA Board of Directors. Officers and candidates for office cannot serve on the Nominating Committee. If the Immediate Past Chair or other most recent Past Chair is unwilling or unable to serve, the Chair of the Corporation shall nominate, and the Board of Trustees shall elect, a Nominating Committee Chair.
The Nominating Committee shall present a slate of officers to the IFMA Foundation Board of Trustees for vote in accordance with Article 3.5 of these Bylaws.
(c) Trustee Selection Committee. The Trustee Selection Committee shall be chaired by the Chair of the Corporation and members shall include the Vice Chair, and Secretary/ Treasurer of the Corporation.
The Trustee Selection Committee shall cultivate prospective trustees, select candidates for election for the position of Trustee for vote in accordancw ith Article 2.6 of these Bylaws.
(d) Governance Committee. The Chair of the Corporation shall designate the Chair of this committee and at least three other members of whom can be trustees or non-trustees.
The Governance Committee shall oversee and review the policies and procedures of the Corporation, train new trustees, review and recommend the Corporation’s strategic and marketing plans, review and recommend action regarding the performance of professional staff, and review and make recommendations regarding all proposed bylaw amendments.
(e) Knowledge Management Committee. The Chair of the Corporation shall designate the Chair of this committee and at least three other members of whom can be trustees or non-trustees.
The Knowledge Management Committee shall oversee all aspects of education, research, and scholarships, and report and make recommendations regarding these issues.
(f) Fundraising Committee. The Chair of the Corporation shall designate the Chair of this committee and at least three other members of whom can be trustees or non-trustees.
The Fundraising Committee shall oversee all aspects of fundraising campaigns and goals for the Corporation and report and make recommendations regarding these issues.
6.2 Other Committees and Task Forces.
(a) Other Committees. The Board of Trustees shall establish additional committees and special committees as the Board of Trustees shall from time to time deem necessary to carry on the work of the Corporation.
(b) Task Forces. “Task Force” shall mean an action-oriented group established by Chair of the Corporation. The Chair of the Corporation shall appoint its members, determine its duration, monitor its progress, and terminate its function. A task force shall be responsible solely to the Chair of the Corporation who shall report to the Board of Trustees on the activities of task forces. The charge of a task force may include addressing specific goals, completing a specific task within the power of the Chair, or considering a particular issue. Functions of a task force may include the following:
(i) gathering information and making recommendations;
(ii) studying an issue and preparing a report;
(iii) carrying out a specific project or activity for the Chair;
(iv) conducting programs at conferences;
(v) establishing sub-units of such task force.
6.3 Members. The Chair of the Corporation may appoint individuals who are not trustees or IFMA members to committees and task forces without the approval of the Board of Trustees.
(a) Committees (including the executive committee) and task forces may adopt their own rules of procedure, provided such rules do not conflict with law, the Articles of Incorporation, these Bylaws, Board Procedures, any instructions of the Board of Trustees in the case of committees, or any instructions of the Chair in the case of task forces.
(b) Committee members appointed by the Chair of the Corporation may begin to serve immediately upon the Chair’s notification to the members of the committee that the committee is complete. If the Chair does not make a committee appointment during a Board meeting, the Chair shall announce such committee appointment at the Board meeting immediately following such appointment.
6.5 Meetings. Meetings of Committees shall follow the same procedures for meetings as outlined in Articles 4.2 through 4.12 of these Bylaws applied appropriately to the specific committee.
6.6 Resignations and Removals. Any member of a committee may resign at any time by giving notice to the chair of the committee or the Secretary/Treasurer of the Corporation. Unless otherwise specified in the notice, such resignation shall take effect upon receipt thereof. The Board of Trustees may remove at any time with or without cause any member of any committee when such removal is determined by the Board of Trustees to be in the best interest of the Corporation.
. As necessary, a vacancy on a committee shall be filled for the unexpired portion of the term of the former member in the same manner in which an original appointment to such committee is made.