Summary
Much of the key information for this committee is included in the Treasurer's annual report. Below is the list of initiatives for the year and progress against them

2002-2003 Initiatives and Progress Against Them
· Holding periodic Finance Committee meetings - The primary intent of the meetings is to:
· Share the financial information of the organization with key liaisons of the sport,
· Obtain financial governance from the membership, and
· Address any questions and/or concerns.

We agreed they should be held three times per year: a) one in April, after the mid-year review, but prior to the Executive Committee Planning meeting, b) one just prior to convention, and c) one at convention. Again this year, the meeting in April was not held. There have been monthly financial reports going to all committee members and periodic email updates through out the year. The meeting prior to convention will be held, as well as the meeting at Convention.

· Change in the Financial Planning and Reporting Process - There was a recommendation to move back to monthly financial reporting, including having a monthly budget. Thanks to the work of the office staff, and great work of Karen Duke, Finance Manager, this was accomplished. A monthly budget was established for monitoring our progress, and monthly financial reporting was reinstated. The Four-Year Financial Plan was updated for the June Planning meeting for the Executive Committee, and will be updated again prior to convention.

· Finance Policies - The Finance committee was asked to make recommendations on a variety of financial policies. Many of these were completed at the last Convention, but they have been requested to review some additional items.

Activities Before and at Convention
We will plan to hold one conference call meeting prior to Convention and one meeting at Convention.

At the meeting prior to Convention, we will:
· Review the results of the June Planning meeting - There will be a recap of the discussions and decisions of the June Planning meeting of the Executive Committee.
· Review the audit recommendations from the USOC and the external auditors - We will review the recommendations of the auditors and determine if there are any recommendations that should be made to the Board of Directors or Board of Governors.
· Provide recommendations on a variety of financial policies - We will review the financial policies for some items requested by the Executive Committee and the Board of Directors
· Address questions from the membership - We will provide an opportunity to address any questions from the membership on the financial state of the organization.

At Convention, we will:
· Review the status of strategies in long-range plan to drive financial diversification and development, and the updated Four-Year Financial Plan
· Complete our review the audit recommendations and financial policies
· Review the estimated financial results for 2002-2003
· Review membership fees and sanction fees, as requested by the Executive Committee.
· Discuss reestablishing a Capital Purchase Plan
· Finalize the annual budget for 2003-2004 to recommend to the Board of Governors for approval, and
· Address questions from the membership