Announcing the Finance and Audit Committee

Volunteers are essential in defining and shaping IREM’s membership offerings, learning opportunities, and member experiences. Applying to be a volunteer on an IREM committee, advisory council, or ethics panel is a worthwhile way to share industry knowledge and forward-thinking ideas while establishing valuable personal and professional connections.

In recent years, the work of monitoring IREM’s finances has been done by two separate Committees: the Finance Committee and the Audit and Investments Committee. Investment assets and their earnings are a large part of IREM’s budget, so it makes sense to have one body oversee how they are invested (investment policy), as well as how they are expected to perform (budget). In the summer of 2024, both committees approved a motion to combine into one standing committee: the Finance and Audit Committee, effective Jan. 1, 2025. The Governing Council approved this change at IREM’s Global Summit in October. 

The Finance and Audit Committee has these responsibilities:

• Oversee IREM’s internal accounting controls to ensure that assets are safeguarded and transactions are authorized and properly recorded.
• Review the results of the annual external audit and meet with the auditors to discuss audit results.
• Oversee the Institute’s managed investments, including investment and reserve policies and asset allocation.
• Recommend the annual operating plan and budget to the Board of Directors.
• Establish and refine financial policies.
• Periodically review financial reports, monitor that
  adequate funds are available, and anticipate problems
  and risks.
• Ensure diversity, equity, and inclusion.

Volunteer opportunity

Under the combined committee, IREM’s Secretary/Treasurer will serve as Chair, and IREM’s Secretary/Treasurer nominee will serve as Vice Chair. The rest
of the committee will include at least six (6) but no
more than (8) additional members with diverse backgrounds and experience, one of whom will be an IREM Past President.

The desired qualifications for a Finance and Audit Committee member include:

• Experience in budgeting
• Knowledge of nonprofit accounting and GAAP
  (generally accepted accounting practices)
• Willingness to ask questions and raise red flags
• Demonstration of appropriate skills, responsibilities, capabilities, and outcomes
• Handling multi-million-dollar budgets

The member application process for this combined committee will be announced in early 2025; check IREM’s volunteer web page.