Chicago Botanic Garden
Committee Mission Statements
Updated December 2010
STANDING COMMITTEES OF THE BOARD
Executive Committee
The Executive Committee oversees the effective operations of the board and may act on behalf of the board should a situation demanding immediate attention occur between board meetings. The Executive Committee is composed of the board chairman, secretary, immediate past chairman, vice chairmen, and committee chairmen, and may also include board members at large.
Audit Committee
The Audit Committee assists the Board in fulfilling its oversight responsibilities with respect to the integrity of the Garden's financial statements and financial reporting processes. Additional duties include oversight of the following: the system of internal controls and procedures designed to promote compliance with financial accounting standards and applicable laws and regulatory requirements; the annual independent audit of financial statements; the engagement of the independent auditors and the evaluation of their qualifications, independence, and performance; and the evaluation of management's processes for assessing and managing exposure to enterprise risks, including the identification of major risk exposures and the steps management has taken to monitor and control these exposures. The Audit Committee has adopted an extensive charter, which is available upon request.
Finance Committee
The Finance Committee is responsible for ensuring that the organization is in, and remains in, good fiscal health. The committee provides the Board with recommendations related to the Garden’s annual budget and its implementation, as well as input to develop future projections. The committee focuses on the management of both expenses and revenue. Together with the Audit Committee, the Finance Committee ensures that the Garden is in compliance with federal, state, and other requirements related to its finances. It is responsible for seeing that the organization has appropriate internal controls and conducts proper financial analysis. The Committee recommends policies to the Board to safeguard the Garden’s assets, reviews financial records for completeness and accuracy, oversees proper use of resources, and reports any concerns to the Board.
Investment Committee
The Investment Committee is responsible for overseeing the development and implementation of the Garden’s investment policies and practices on behalf of the Board and for periodic reporting to the Board. The purposes of the committee include determining an asset allocation strategy based on the organization's needs and risk tolerance; reviewing proposals for investments (and investment managers and firms) in order to determine the type of investments that may best suit the organization's objectives; and monitoring all areas of the investment program, including the performance of the portfolio (and investment managers and firms), recommending any changes that may need to be made.
Nominating Committee
The Nominating Committee is responsible for making nominations of directors to the Board and presenting these recommendations to the Executive Committee and Board of Directors for election. The committee is also charged with ensuring effective board processes, structures and roles, including retreat planning and board evaluation.