Colorado Medical Society

Introduced by:           Constitution & Bylaws Committee

Subject:                      Amend Bylaws Ð Finance/Audit Committee

Referred to:               Reference Committee on Board of Directors/Constitution & Bylaws/Credentials

 

            WHEREAS, auditors from JDS Professional Corporation recommended that CMS have an audit committee to be in compliance with new accounting standards, and

 

            WHEREAS, the auditors believe that the CMS Finance Committee can also serve as the audit committee, and

 

            WHEREAS, the auditors noted that similar organizations have a volunteer financial advisor as a member of their Finance/Audit Committee, therefore be it

 

            RESOLVED, that the name of the Finance Committee be changed to Finance/Audit Committee and, be it further

 

            RESOLVED, that the Bylaws be amended as follows:

 

        Chapter VI Ð Officers and Other Elected Persons

 

      Section 5.  Treasurer

a.         Duties:  The Treasurer shall be Chair of the Colorado Medical Society's Finance/AUDIT Committee, and as such shall report on the finances of the Society at Board meetings and to the House of Delegates, if requested.

b.        Eligibility:  The Treasurer should have been a member of the Colorado Medical Society Finance/AUDIT Committee.  Persons named in Section 1 of this Chapter shall hold only one such position at any one time, and except for a Grievance Committee member or Director, may not be elected to any other position named in Section 1 for any part of the term for which the person was originally elected. Persons elected to any position named in Section 1 shall have been Active Members of the Colorado Medical Society for at least two years immediately preceding election.  In the event any such person shall cease to be an Active Member of the Society during the term for which elected, the position shall be vacated immediately.

c.         Terms of Office:  The Treasurer shall be elected annually by the Board of Directors from among the Directors.

D.        There shall be a non-physician, non-staff volunteer who will serve in an advisory capacity on the Finance/Audit Committee if an acceptable candidate is available.  This person should be a CPA or have similar financial expertise.  This person shall be appointed by the President and approved by the Executive Committee.

 

FISCAL IMPACT: None