Committee Spotlight

Finance Committee

Hello again from ISSTD’s Finance Committee! It’s hard to believe that a whole year has passed since my last update.

As I near the completion of my two-year appointment to the role of Treasurer (after Christine Forner was voted President-Elect in late-2017), I am pleased to share with you where we’ve been over the past year and where we’re headed in 2020 and beyond.

Since last August, the Finance Committee has overseen:

  • ISSTD’s ongoing commitments to repay funds to the Education and Research Fund and to increase savings, each at a rate of $350.00 per month, maintained on schedule throughout 2018 and 2019. (Formerly known as the Development Fund, this grant was developed with the mission of supporting programs and initiatives that further education, assessment, treatment, and research of the dissociative disorders);
  • A comprehensive review of ISSTD’s existing financial policies and procedures;
  • The creation of a monthly schedule of financial tasks for the entire calendar year, to better ensure internal accountability and smoother communication;
  • The development of a monthly financial dashboard/narrative report, prepared by the Treasurer, which distills the monthly financial documents into an easy-to-read format and highlights areas of revenue growth, areas for caution, and ‘red flags’ that require closer attention;
  • An overhaul of the annual budget document in preparation for the development of longer-term financial projections in coming years;
  • The conclusion of the 2018 ‘35 for the 35th’ anniversary fundraising initiative to support the development of the new website. (This effort was not as successful as we had hoped, but it did offer us a lot of insight into how we can craft more effective appeals in the future.);
  • Financial co-management of the development of the new ISSTD website, including ISSTDWorld;
  • Financial co-management of most successful Annual Conference (in 2019) that ISSTD has seen in many years; and,
  • A significant increase in revenue, owing in large part to improved collaboration within ISSTD and a more adventurous outlook toward the possibilities—not only for maintaining, but also expanding, ISSTD’s global relevance and presence.

As you can see, the Finance Committee has in the past year has focused heavily upon policies & procedures and monitoring a couple of pretty big initiatives within ISSTD. Additionally, the Treasurer drafted a proposal (subsequently approved by the Board of Directors) which mandates that all Board members are required to serve a 6-month rotation on the Finance Committee in their second year of service. This policy was developed with the aim of supporting Board members to strengthen their sense of fiduciary responsibility to the organization and its continued growth.

And, here’s what’s to come:

  • The development of 3-to-5-year budget projections that integrate with ISSTD’s Strategic Plan using measurable progress/achievement benchmarks;
  • Reinvigorating a Fundraising Committee (a 2018 goal which was put on the ‘back burner’ due to other, pressing projects);
  • Revising the current budget structure to improve strategic planning and better reflect how ISSTD serves its members (that’s you!) today; and,
  • Further developing interrelationships amongst different ISSTD committees with budget (revenue and/or expense) responsibilities to ensure closer adherence to ISSTD’s annual budget.

ISSTD is really growing (back) into a vibrant organization serving the needs of its members in ways both familiar and contemporary, and I feel pleased that the Finance Committee has played a vital role in that growth. I am very excited about what the future holds, and I hope you are, too. Thanks for reading!