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Standing Committees

DAMA International’s Standing Committees are established by the Board of Directors to support the organization’s governance, strategic initiatives, and operational needs.

Bylaw Section 7.15.3–7.15.5:

The Board may upon the recommendation of the President, establish by resolution such additional standing and ad hoc committees of the Board as it deems necessary. Each committee shall have a charge approved by the Board that describes its responsibilities, membership, and duration. Committees delegated with Board authority shall consist of at least three Directors, one of whom is the chair, and may include other individuals who are Individual Professional Members, Chapter Members, or those with relevant expertise. Each committee shall act only in the intervals between Board meetings, report to the Board, and serve at the Board’s pleasure.

  • Finance Committee
  • Certification Council
  • Governance and Nominations Committee
  • Programs and Internal Operations Committee
  • Membership and External Relations Committee
Finance Committee
Finance Committee

1. Name and Type

Name: Finance Committee
Type:  Standing Committee; perpetual duration

2. Authority

Section 7.15.3. of the Bylaws (Version 7.0). “The Board may upon the recommendation of the President establish by resolution of the Board such additional standing and ad hoc committees of the Board as it deems necessary and may delegate to any such committee which consists solely of Directors any of the authority of the Board, except with respect to matters not authorized by the Washington Non-profit Corporations Act (WNCA).”

3. Purpose

The purpose of the Finance Committee is to provide oversight, guidance, and strategic direction about the financial operations and resources of DAMA-I. The Committee aims to ensure transparency, accountability, and sustainability in financial management practices to support the organization's mission and goals.

4. Responsibilities

4.1 Financial Planning and Budgeting:

  • Review and approve the annual budget, developed by the Executive Director, and present the budget to the Board of Directors for approval.
  • Provide recommendations on financial strategies to support the organization's short-term and long-term goals.
  • Oversee monitoring of financial performance against budgeted targets and provide regular reports to the Board.

4.2 Financial Reporting and Transparency:

  • Ensure accurate and timely financial reporting following relevant accounting standards and regulations.
  • Review and approve financial statements before submission to the Board
  • Maintain transparency by providing accessible financial information to DAMA-I members.

4.3 Financial Controls and Enterprise Level Risk Management:

  • Establish and maintain internal controls to safeguard DAMA International's assets and mitigate enterprise level financial risks.
  • Monitor compliance with financial policies, procedures, and applicable laws.
  • Identify and assess enterprise level financial risks and recommend appropriate risk management strategies.
  • Oversee audit function by appointing an audit subcommittee that is chaired by someone other than the Treasurer and reports directly to the Board of Directors.

4.4 Investment Management:

  • Develop investment policies and guidelines for the prudent management of DAMA-I’s reserves and assets.
  • Monitor investment performance and recommend adjustments as necessary to optimize returns while managing risks.

4.5 Financial Governance and Compliance:

  • Ensure compliance with relevant legal, regulatory, and tax requirements in all financial activities.
  • Review and update financial policies, procedures, and governance structures as needed to enhance effectiveness and compliance.

5. Composition and Appointment

5.1 Composition:

The Finance Committee shall consist of a minimum of three (3) and a maximum of seven (7) members. As specified in Section 7.15.4 of the Bylaws (Version 7.0),  three of the members must be members of the Board of Directors (including the Treasurer if elected from among the Board members). Additional members may be Individual Professional members of DAMA-I or other individuals with expertise in finance, accounting, or related fields.

5.2 Appointment:

The members of the Committee are appointed by the President subject to ratification by the Board of Directors pursuant to Section 7.15.4 of the Bylaws (Version 7.0)

 

6. Chair

The Treasurer of DAMA-I shall serve as a Member and Chair of the Finance Committee if the Treasurer is elected by the Board of Directors from among their members.   If the Treasurer is not a member of the Board of Directors, the Chair shall be appointed by the President from among the Board members serving on the Finance Committee.

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7. Term of Appointment

Members serve at the pleasure of the Board of Directors pursuant to Section 7.15.4 of the Bylaws (Version 7) and shall be appointed to serve a term of two (2) years, with the possibility of reappointment for additional terms at the Board’s pleasure.

 

8. Meetings

The Finance Committee shall meet at least quarterly, or more frequently as necessary to fulfill its responsibilities. Meetings may be conducted in person, virtually, or through teleconference as permitted by Section 7.15.6 of the Bylaws (Version 7). The Chair shall work with the Executive Director to prepare agendas for meetings and ensure that minutes are recorded and distributed to Committee members and the DAMA -I Board of Directors.

 

9. Decision-Making and Quorum

A majority of members of the Committee shall constitute a quorum for the conduct of business. The Committee shall act in accordance with Section 7.15.5 of the Bylaws (Version 7), which requires the affirmative vote of a majority of the authorized number of its members to take official action. The Committee may adopt additional internal rules not inconsistent with the Bylaws or this Board-approved charge.

10. Reporting Requirements

The Committee shall provide regular updates and reports on its activities, findings, and recommendations to the DAMA International Board of Directors.

11. Resources and Staff Support

The Executive Director will provide staff support for the Finance Committee and ensure that the Committee has the resources it needs to fulfill its responsibilities.

 

12. Compliance and Ethics

12.1. Fiduciary Duties:

Committee members must act in accordance with the governing documents of DAMA-I and in the best interests of DAMA-I, upholding their fiduciary duties of care, loyalty, and obedience.

12.2 Non-Discrimination:

All decisions of the Committee will be made in compliance with anti-discrimination laws and DAMA-I’s commitment to diversity and inclusion.

12.3 Conflicts of Interest:

All Committee members must disclose any potential conflicts of interest and adhere to DAMA-I’s conflict of interest policy, including recusal procedures where necessary.

12.4 Confidentiality:

All Committee members will maintain the confidentiality of the Committee’s deliberations and discussions and all information provided to them as members of the Committee by DAMA-I .

12.5 Data Protection:

The Committee will ensure that any personal data handled by them as members of the Committee will be managed in compliance with applicable data protection laws and DAMA-I’s privacy policies.

12.6 Document Retention:

The Committee will retain records of its meetings, decisions, and nominations in accordance with DAMA-I’s records retention policy.

 

13. Amendments to the Charge

The Committee may recommend amendments to this charge for consideration and approval by the Board of Directors.  No changes in the charge are effective until approved by the Board of Directors.

Certification Council
Governance and Nominations Committee
Programs and Internal Operations Committee
Membership and External Relations Committee
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