The chairperson of the Finance Committee is chosen from within and by the membership of the committee. Again, it is presumed that the chairperson of this committee is one of the more senior members of the committee.
The chairperson shall be responsible for facilitating meeting schedules, the formulation of meeting agendae, shall serve as Co-Chairperson of the College Budget Committee (in concert with the CFO of the college), and shall convey timely reports to the Executive Board of the Faculty Senate (by both attendance at the meetings of the Board and by way of posting written reports on the Senate webpage).
While it is presumed that the Chairperson of the Finance Committee will serve as one of the resource persons on the Finance Committee of the Board of Trustees, and as the representative of the committee at meetings of both the Executive Board of the Faculty Senate and of the Faculty Senate at large, for the purposes of education and continuity, these assignments should be shared with other members of the Finance Committee during any given year.
It must be noted that, in the role as Co-Chair of the College Budget Committee, the Chairperson of the Finance Committee is responsible to take active (and equal) part (with the CFO) in the regular reports of the College Budget Committee to the President of the College and, if need be (that is, if, in the opinion of the members of the Finance Committee/Senate leadership), present to the president counsel in contradistinction to that presented by the CFO.
Tradition has it that the procedures of the Finance Committee are fairly informal/collegial. Decisions are by consensus and arrive out of informal discussion.
Over the past years minutes of the Finance Committee have not been kept, leaving what modest record there is to the reports presented at the regular meetings of the Executive Board.
The Budgetary Task Force was constituted at the close of the spring semester, 2007, in agreement between the President of the College, John Smarrelli, the Vice President for Finance and Administration and Treasurer, Roger Stackpoole, and the President-Elect of the Faculty Senate, Cliff Donn. As a follow-through on the work of the Task Force on Faculty/Staff Salaries, constituted in response to a fiscal crisis issue over salaries that surfaced in January of 2007, the Budgetary Task Force was charged with the responsibility to reconstitute the College Budget Committee after carrying out a thorough review and reconsideration of the issues surrounding budgetary processes at the college.