If the input is less than the outflow, then the upkeep will be the downfall.
ISSTD has many committees watching over and guiding all the moving parts that make up our society, with none more important than the Finance Committee. I joined the committee at a financial crisis point 10 years ago, just as Christine Forner took over as ISSTD’s Treasurer. Through a series of unintended fiscal management errors, ISSTD was skating on some very thin financial ice. The committee was initially comprised of Christine as Chair, Brad Foote, Bob Slater, and myself; we soon added Michael Coy and Mary Pat Hanlin, ISSTD’s CEO, for her broad range of views. The committee moved to tighten fiscal controls, limit spending, and establish new means of generating revenue consistent with our Society’s training and research goals. Those efforts proved successful at a gradual pace and continue to bear fruit currently. Michael Coy followed Christine as Treasurer and Chair of the committee and built upon Christine’s foundation. The committee also expanded its size through an addition of two Board members serving one year rotating terms on the committee. As Michael settled into his role, he began developing an intricate and expansive “Financial Dashboard,” which displays a wealth of financial information in a very readable and comprehensive manner. It is truly a financial work of art, and it is used as the core guiding financial instrument for the committee. In 2024, Nicole Black became ISSTD’s current Treasurer and Chair of the Finance Committee.
The main functions of the Finance Committee are to develop and monitor the yearly budget, assess and recommend various projects, and report monthly on financial data to the Board through the Treasurer and Chair. As I mentioned earlier, Board members rotate through the committee so they can gain a more in-depth understanding of the Society’s financial functioning. Through the succession of Chairs and their innovations, and the hard work of the committee members, ISSTD is now in a secure and strong financial position to continue its professional training and research projects.
Peter Maves, President