To advise the LITA Board on all fiscal matters of the Division; to advise the LITA Executive Director in preparation of an annual budget based on priorities established by the Board; to review and advise units requesting LITA funds; to review for the LITA Board Division activities, within the framework of the strategic plan, for fiscal implications; to review for the LITA Board, on a regular basis, the dues structure and to prepare and submit to the LITA Board periodic analysis of the finances of the division; to review LITA’s fiscal relationship to ALA and other divisions and to represent LITA at the ALA Planning and Budget Assembly and the BARC/Divisions meeting. The Chairperson of the Financial Advisory Committee shall also be a member of the Board of Directors ex-officio, without vote and shall advise the President and the Board on matters of budget and finance at meetings of the Board of Directors.
Composition
Includes a chair, vice-chair, past chair, and at least 3 members.
LITA Connect
View the Financial Advisory Committee’s group on LITA Connect.
About this Committee
Deliverables
- Advises the LITA Executive Director in creating the annual budget
- Analyzes spending and revenues, bringing concerns to the Executive Director and LITA Board
- Looks for ways LITA can increase revenue and/or reduce expenses
- Responds to financial queries from the LITA Board, other LITA units, and the membership
Expected Time Commitment
- Holds 4-6 virtual meetings and 1 face-to-face meeting (at the ALA Annual Conference) each year
- Group members work an average of 1 hour per month
- January, May, June, September, and December are the busiest months
Desired Skills, Knowledge, and Experience
- Intermediate Excel
- Basic financial understanding
- Creating and managing a budget
