Committees’ Objective
A formal structure for the overall governance of the GRMA as a 501(c)(6) nonprofit. All nonprofits have a legal obligation to govern in a way that ensures the organization meets all the requirements of the IRS to remain in good standing.
Committees
- Executive – Executive Committee is always comprised of the board’s officers. The power of this committee is defined in the organizations by-laws and subsequent board resolutions.
- Finance – The Finance Committee is a critical tool for the GRMA Board to fulfill its legal fiduciary role. Its primary responsibilities are ensuring there is an approved budget for current fiscal year, projected budgets for 1-3 years forward, monitoring the organization’s financial position, monitors fiscal risks and opportunities and ensures legal financial obligations (990’s, audits, etc.) are met.
- Risk and Opportunity – In the sectors that GRMA represents, there is always the potential for developments to have a significant impact on the organization and the work of providing standards, schemes and audits. There will be risks, but there will also be opportunities. Part of the Board’s responsibility is to ensure the organization always understands the potential impact of any risks. Of equal importance is the need for the organization to always understand potential opportunity so that it can develop strategies to advantage of these opportunities.
- Systems Audit – Identifies the key systems being utilized in the operation and governance of the organization, such as Financial Management, Membership and other operational software, GRMA Auditsphere, Evaluation Tools, Dashboards, and Committee and Workgroup Structure. This committee audits these systems on a regular basis to ensure they are functioning at the highest level and in alignment with the strategic/vision plan.
Group Activity Description
Committees meet monthly
Participants
GRMA Governance Board Directors and other non-board members as selected