The Finance and Audit Committee shall:

• Review and recommend financial policies to the Board including ensuring adequate internal controls and maintaining financial records in accordance with standard accounting practices;
• Have complete access to all financial records of the Association;
• Safeguard NPMA’s assets;
• Review proposed significant funding implications (mortgage, Lines of Credit, etc.) recommending approval or disapproval to the Board;
• Set guidelines for investments;
• Ensure that the organization has the proper risk management provisions in place, including appropriate insurance coverage for the organization and for the Board; and
• Receive the proposed annual budget developed by the Executive Committee prior to dissemination to the Board of Directors.

The Finance and Audit Committee also ensures that the organization has an independent audit of its financial statements annually, receives the audit report and any other reports relating to the audit or the assets and reports the auditor’s findings and recommendations to the Board. The annual audit shall be completed within four months of the end of the fiscal year by an independent Certified Public Accountant and presented at the Board Meeting held in conjunction with the convention. This independent CPA will also file all appropriate tax returns including the 990 and 990T. The Finance and Audit Committee and the Executive Committee will be responsible for the management and facilitation of the audit and said auditing entity will report directly to the Finance and Audit Committee and Executive Committee.