The Audit Committee has responsibility for providing reports directly to the Board of Trustees. The Audit Committee assists the Board in fulfilling its fiduciary responsibility. It fulfills its functions and responsibilities for both entities, the APA and APAF. Its principle responsibilities are the following:

• To see that appropriate internal controls and accounting policies and procedures are established and followed.
• To see that the APA’s financial statements and other financial reports, such as those required under OMB Circular A-133 are issued on time and in accordance with its internal and external reporting requirements.
• To see that the APA’s tax filings are made on time and in accordance with legal and regulatory requirements.
• To see that the Association’s insurance coverage provides appropriate mitigation of financial risk by reviewing the insurance coverage with management on a regular basis.

Term

Three years; volunteer leaders will be eligible for reappointment for an additional three year term at the conclusion of their first term.

Expected Time Commitment

The Committee meets twice per year, once in February and April. The meeting duration is two to three hours and takes place via Zoom. Members should expect to set time aside, probably an hour or two prior to the meeting to read the materials sent in advance of the meeting.

Desired Expertise

Volunteers should ideally possess expertise related to finance or accounting.

Responsibilities

• Providing guidance on financial reporting and related internal controls and understand the business operations of APA and APAF.
• Appointing the external auditors and ensure the organization is in fiscal and financial compliance.

Additional Criteria

Passionate volunteers with diversity in backgrounds and worldviews from varied perspective. Business background would be good and understanding of the operations of non-profit organizations.