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Hi ho, Masterworkers!

It is I, your reminderer, among you in spirit if not in body.

I am eagerly anticipating the upcoming concerts; I am bracing myself to experience as an audience member that Glorious Wave of German Romantic Music emanating from you all! The passion! The feeling!

We will also meet at the end-of-season Wrap Party combined, as always in springtime, with the Annual Meeting of the TMC Membership! The event will take place on April 24, at Grace St Paul's, at 7 pm. There will be the eating of nummy goodies and the quaffing of beverages; if you'd like to bring a morsel to share, we would all look upon such generosity with a glad eye.

We will also carry on with official TMC business, looking back on the year's accomplishments and preparing for the year to come. And as always, we of the board solicit the will of the membership. One of the changes we are recommending is a change to the bylaws to create a Finance Committee, to bring TMC into line with best practices for non-profit organizations.

Below is the text of the proposed textual modifications to the bylaws, for your consideration. A vote will be taken at the annual meeting.

I hope to see you there!

Alison Futrell
Secretary, Tucson Masterworks Chorale

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Subject:  Proposed Finance Committee Related Bylaws Revisions for 2017
 
1.  Addition of a Finance Committee as Standing Committee
 
Existing TMC Bylaws language:
 
None. The word “finance” does not appear in the existing Bylaws.
 
Proposed Bylaw:
 
Article V. Standing Committees
 
Section 50x. Finance Committee.  The Finance Committee shall consist of the Treasurer and at least two other members, at least one of whom must be a member of the Board. The Treasurer may be, but does not have to be, the Chairperson of the Committee.  When the Treasurer is not the Chairperson, the Chairperson will be a Board member appointed by the President of the Board. The duties of the Finance Committee shall include, in cooperation with the Treasurer, oversight of and/or implementation support for Audits, Banking and Cash Management, Compliance Reporting and Filing, Financial Reporting, Internal Controls and Accountability, Investment Management, Risk Management, and such other finance related duties as may be assigned by the Board of Directors. 
 
2. Revision to duties of the Treasurer
 
Existing TMC Bylaws language:  
 
Section 304. Treasurer. The Treasurer shall receive monies collected from whatever source and issue a receipt for them, be custodian of Chorale funds and disburse them only as authorized by the Board of Directors, keep financial records, provide monthly reports, order music, and perform such other duties as are assigned by the Board of Directors.
 
Proposed Bylaw revision:
 
Section 304. Treasurer.  The Treasurer shall be the designated custodian of Chorale monies, and as such, shall receive or monitor and confirm the receipt of monies in all forms from all sources; ensure that receipts are issued for monies when appropriate; disburse or transfer monies as authorized by the Board of Directors; administer Chorale bank and investment accounts; maintain accounting and financial records; in cooperation with the President of the Board, develop and submit to the Board for approval an annual budget; produce monthly income statement and balance sheet format financial reports, including variance from budget; within 30 days following the end of the Chorale’s fiscal year, produce and report to the Board an income statement and balance sheet format Annual Financial Report;  produce, file, and report to the Board the compliance filing of reports and documents as required by law; administer insurance policies; support the Audit Committee in the performance of its duties, support the Finance Committee in the performance of its duties; and perform such other duties as may be assigned by the Board of Directors.
 
3.  Revisions to Bylaw on Auditing Committee
 
Existing TMC Bylaws language:
 
Section 502. Auditing Committee. The Auditing Committee shall consist of at least one member of the Board and one other individual as appointed by the Board of Directors. This committee shall provide a financial report to the Board of Directors within three months after the close of the fiscal year. The Auditing Committee may, with the consent of the Board, employ a Certified Public Accountant to audit
the accounts.
 
Proposed Bylaw revision:
 
Section 502. Auditing Committee. The Auditing Committee shall consist of at least one member of the Finance Committee who is also a member of the Board and one other individual as appointed by the Board of Directors. The Treasurer may not be a member of the Auditing Committee. The Committee shall provide a report to the Board of Directors within three months after the close of the fiscal year, attesting to the integrity of the financial management and reporting processes of the Chorale.  The Auditing Committee may, with the consent of the Board, employ a Certified Public Accountant to support its function, including an audit.



 
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