Audit and Risk Committee

Volunteer Position

Position is strictly volunteer and not paid.

The Audit and Risk Committee assists the Board of Trustees in fulfilling oversight responsibilities for financial reporting and internal controls, auditors’ qualifications, compliance monitoring, and risk management practices.

Term: 2 years, with a maximum of 4 consecutive terms.

Meetings: 3 times per year, approximately 4 hours each.

Review pre‑read materials such as audit firm communications, draft financial statements, and management reports on various risk areas. Be prepared to discuss these topics during committee meetings.

Financial literacy is required. Experience in one or more of the following areas is helpful:

• Audit committee experience
• Finance
• Enterprise risk management
• Technology/IT
• Investment/endowment management
• Publishing
• Health plans
• Strategic planning
• Diversity, equity and inclusion
• Human resources
• Law
• Not‑for‑profit industry knowledge
• Leadership roles
• Marketing/public relations
• Accounting
• Auditing

Under the committee charter, at least one member must be a “financial expert.” Required qualifications for a financial expert include:

• Understanding of generally accepted accounting principles and financial statements
• Ability to assess the general application of such principles in accounting for estimates, accruals, and reserves
• Experience preparing, auditing, analyzing, or evaluating financial statements of comparable complexity to the Association’s
• Understanding of internal controls and procedures for financial reporting
• Understanding of audit committee functions