Governance & LSCs

OFFICE OF THE FINANCE VICE-CHAIR

THE OFFICE OF THE FINANCE VICE-CHAIR
The Finance Vice-Chair is a member of the Board of Directors and the Executive Committee, elected by the House of Delegates in an even year for a two year term beginning July 1st of the year in which the election takes place.  As long as the member is in good standing, he or she may serve in this capacity for two consecutive terms.  The duties and powers of the Senior Vice-Chair are defined by the LSC By-Laws:

The duties and powers of the officers and other Board Members shall be to attend and participate in all meetings of the House of Delegates and the Board of Directors and as follows:

606.7.8 Finance Vice-chair:  The Finance Vice-chair is the chief financial officer of the LSC.  The Finance Vice-chair shall chair and have general charge of the affairs and property of the division that includes the Treasury function, the development and implementation of an investment program for LSC's working capital, funded reserves and endowment funds and the development and implementation of a marketing and fund raising plan for the LSC.  The Finance Vice-chair, with the assistance of the Budget Committee, shall prepare an annual budget for the LSC's operations and present the budget for approval by the Board of Directors and the House of Delegates.  In addition, the Finance Vice-chair shall cause to be conducted the audit required pursuant to Section 608.5 and shall review, or shall cause the Audit Committee to review, the annual audit report and recommend acceptance and appropriate action, if any, with regard thereto by the Board of Directors and the House of Delegates.  The Finance Vice-chair is responsible for the adequacy of the LSC's system of internal financial and accounting controls.  The Finance Vice-chair is the chair of the Finance and Budget Committees and a member of the Personnel Committee.  Together with the Treasurer, the Finance Vice-chair is ultimately responsible for the LSC's compliance with Section 608.4.

The seven divisions of the LSC shall each be chaired by a Vice-chair, the Senior Athletes Representative, or the Senior Coaches Representative, whose respective powers, duties, juris¬dic¬tion and responsibilities are described in Section 606.7. Under each division Vice-chair there are officers, committees, coordinators and direct responsibilities as follows:

 607.1.5 Finance Division - Finance Vice-chair

  Audit
  Budget
  Finance
  Marketing/Sponsorship
  Swim a thon
  Tax
  Treasurer

In addition to the duties described in the LSC By-Laws, Section 606.7  and 607.1 (see above), the By-Laws and the LSC Policy & Procedures Manual grant the Finance Vice-Chair the authority / obligation to

A. Execute deeds, mortgages, bonds, contracts, agreements or other instruments duly authorized.
B. Sign checks, drafts or other orders for the payment or transfer of money.
C. Serve as the chair of the Audit Committee, the Budget Committee and  the Finance Committee.
D. Serve as a member of the Personnel Committee.
E. Either the Finance Vice-Chair or the Treasurer will serve on the Travel Fund Committee
F. Designate the banks, trust companies, other depositories or custodians, investment companies or investment management companies  for the LSC’s  funds
G. Review the reconciliation of the LSC bank accounts on a monthly basis.
H. Review the corporation’s annual tax returns.
I.  The Finance Chair along with the General Chair, the  Treasurer, the Membership/Registration Coordinator, and the Secretary,  shall be collectively responsible for seeing that all required reports and remittances are made to USA Swimming national headquarters.


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