Industry Dollars Hard at Work

The Finance and Audit Committee (F&AC) reviews all budgetary recommendations and the revenue/ assessment rate prior to consideration by the Board of Directors. The committee also reviews all monthly and annual financial statements as well as the Almond Board of California’s (ABC’s) annual external audits.

In my role as chair of F&AC, a TRAC committee member and a member of the Board, I have an opportunity to not only be involved in the creation of the annual budgets but also their critique and review.

The F&AC typically meets twice a year, in May and November. The November meeting is focused on the analysis of the year-end financial results, as well as the findings of the annual financial audits. The May meeting is dedicated to reviewing the Almond Board’s budget proposals for the coming fiscal year and to considering other financial forecasting.

After the May meeting, a consolidated budget is prepared and recommended by the F&AC to the Board of Directors for its consideration and adoption at its June meeting. ABC’s financial health is essential for the success of our work. The F&AC continues to work to ensure that every assessment dollar is invested wisely. The Committee has a long tradition of providing fiscal oversight, and ABC has an equally long tradition of clean, annual financial audits and sound financial management.

Sincerely,
 

Holly A. King, Chairwoman
Finance and Audit Committee