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Past Issues

Finance and Audit Committee — Fiduciary Oversight

The Almond Board’s Finance and Audit Committee (F&AC) is charged with executing the fiscal fiduciary responsibility of the Board of Directors. The five members and five alternates are appointed to their positions by the chairman of the board. Currently, all F&AC members and alternates are members of the Board of Directors or are alternates.

The F&AC typically meets twice a year in the months of May and November. Each of these meetings serves a different purpose. Virtually the entire agenda at the May meeting is dedicated to reviewing the Almond Board’s budget proposals for the coming fiscal year and to consider other financial forecasting. The November meeting is largely dedicated to the analysis of the year-end financial results, as well as the findings of the annual external and internal financial audits. Occasionally, the F&AC will meet at other times of year to take on special subject matter, as it did last February when it reviewed the entirety of the Almond Board’s internal control policies.

The ABC staff liaison to this committee is the CEO, but most of the work prepared for the committee’s consideration is the responsibility of the Almond Board’s director of finance and administration. There is close coordination between the committee and the ABC’s Finance Department due to the changing assumptions and scenarios that can affect the revenue and expense components of the budget. By way of example, the budget presented in May is based on the National Agricultural Statistics Service’s (NASS) subjective crop estimate, whereas the final fiscal year budget approved by the Board of Directors in August is based on NASS’ objective estimate.

Most importantly, the members of the Finance and Audit Committee serve on this committee to ensure that the fiscal conditions and conduct of the ABC are rock solid and beyond reproach. The F&AC has a long tradition of providing fiscal oversight, and the ABC has an equally long tradition of clean, annual financial audits and sound financial management.

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