The NASBP Finance Committee’s work is critical to the functioning of NASBP, as it oversees the financial integrity and operation of the Association. The Committee is chaired by a member of the NASBP Board of Directors appointed through the Board nominating process. The Association’s Second Vice President, who also serves as the Treasurer, is the Committee’s Vice Chair.
Robert Coon, Vice President of Surety for Scott Insurance, has been the NASBP Finance Committee Chair since 2020. As Committee Chair, Coon related, “Being involved as a member and now Chair of the Finance Committee gives me a broader perspective and appreciation of NASBP’s work and the many efforts of our volunteers and staff in moving the Association and its mission forward.” “Any producer member who wishes to make a meaningful contribution to the well-being of the Association should consider serving on the Committee,” he added. Coon is also the NASBP Third Vice President.
This year’s Vice Chair of the Finance Committee is Zach Mendelson, Principal of EPIC | Edgewood Partners Insurance Center. Mendelson is also serving as the NASBP Second Vice President.
Committee's Role Impacts Entire Association
The purview of the NASBP Finance Committee is significant, as it involves formulating policies important for the welfare and maintenance of NASBP’s fiscal operations, such as the Association’s investment and long-term reserve policies. The Finance Committee also provides guidance to the Association’s officers, the Board of Directors, and staff on various fiscal matters throughout the year, including the development of the annual operating budget. The Committee reviews the budget prepared by Association staff, analyzing it with a focus on achieving the organization’s strategic purposes and goals, while ensuring that reserves are maintained to prepare the Association for future challenge and opportunities. Thereafter, the Committee submits its budget recommendation to the Association’s Board of Directors for approval at the Midyear Board Meeting.
Throughout the year, the Finance Committee monitors the performance of the organization in relation to the Board-approved budget goals and provides the Board with written reports on the Association’s fiscal health prior to the Annual Meeting and the Midyear Meeting. The Committee also reviews and furnishes the Board of Directors with recommendations on the Association’s investment policy and the Association’s long-term reserves policy annually to ensure that such policies are current and in keeping with Association impending opportunities and challenges. Together with staff, the Committee monitors long-term reserve balances, so they are held in investment vehicles in accordance with NASBP’s Board-approved investment policy, ensuring that the future needs of the Association are met. Working with NASBP’s third-party investment advisors, the performance of the portfolio is evaluated at least annually by the Finance Committee. The Committee makes recommendations to the Board of Directors if the Committee believes adjustments need to be made.
NASBP’s financial records are audited annually by an independent Certified Public Accountant (CPA). The leadership of the NASBP Finance Committee engages in the audit process and participates in a yearly presentation on the audited financial statements and internal policies and procedures led by the CPA firm.
The NASBP Finance Committee collaborates on budgeting issues with other Association Committees that are undertaking new initiatives and works closely with the Membership Committee to evaluate emerging membership trends to assess any associated impacts on the Association’s financial position.
Interested in joining the NASBP Finance Committee? Please contact Committee staff liaison Maria Roginski, Director of Finance & Operations, at firstname.lastname@example.org or fill out the Committee Interest Form.
This Pipeline article is the eighth in a series describing how NASBP Committees are the cornerstone foundation of the Association. See the CEO Column that introduced this series, which was published in the March/April 2021 issue. See other Pipeline articles that describe the NASBP Industry Relations Committee, Government Relations Committee, Membership Committee, Professional Development Committee, Automation and Technology Committee, 5-15 Leadership Committee, and Small & Emerging Business Committee. (NASBP login required.)