The finance committee helps ensure financial stability for the UB Foundation and, by extension, for the University at Buffalo by reviewing our annual and long-term plans, and providing expert advice and input. In addition, the finance committee serves as the board of directors for two affiliates: UB Foundation Activities, Inc. and UB Foundation Services, Inc.
Fiscal Year 2022
- Eileen S. Silvers
- Teresa Bair
- Gregory M. Bauer
- Robert E. Denning
- David R. Pfalzgraf, Jr.
- Nagendra Raina
- Steven H. Shepsman
Purpose of the Finance Committee
The finance committee helps the UB Foundation boards discharge and perform their duties and responsibilities by working with corporate management and by providing advice and input to the boards regarding the management of the financial affairs, as appropriate, including:
- Identifying, assessing and managing financial risks and uncertainties
- Continuously improving financial systems
- Complying with legal and regulatory requirements
- Assessing the overall financial health of the UB Foundation
Such duties are intended to complement, and not overlap with, the work of other committees such as audit and investment.
In so doing, it is the responsibility of the finance committee to maintain free and open communication with all board members, the UB Foundation business office, and other officials engaged in managing the UB Foundation.
All members shall have a basic understanding of financial matters and be able to read and understand various financial reports, and at least one member of the committee shall have finance and related financial management expertise.
The finance committee will perform its duties in accordance with the UB Foundation’s mission “to support and promote the activities and programs of the University at Buffalo, State University of New York.”
The finance committee’s duties and responsibilities are to:
- Review and recommend the annual financial plan for the UB Foundation
- Review and recommend the annual capital plan for the UB Foundation
- Review, from a financial perspective, major projects introduced during the year which would involve significant changes in the financial or capital plans approved for that year
- Develop, monitor and maintain a three- to five-year long-range financial plan for the UB Foundation
- Monitor actual financial activities in comparison to the financial and capital plans
- Review the financial condition of the UB Foundation, assess financial risks and ensure proper compensation for risks assumed. Recommend to the boards financial policies and long-range objectives to mitigate financial risks, recognizing that the investment committee is charged with managing the risks associated with the investment portfolio
- Review and recommend to the boards policies or any necessary policy amendments related to tax regulations or financial policies and standards proposed by management
- Review the expense reimbursement policies at appropriate intervals. Periodically review payments made to university officers who are beneficiaries of these policies
- Review the financing requirements of the UB Foundation and evaluate management’s proposals for timing and funding vehicles to support such financing requirements and recommend, as appropriate, specific financing arrangements to the boards
- Review and recommend to the boards an adequate level of reserves to fund contingencies
- Submit reports of all meetings to the boards
- Provide relevant ongoing education and information to the boards
- Maintain a succession plan
- Review and evaluate major initiatives, changes, and overall performance of the UB Foundation business office
- Solicit information from UB leadership on major university projects that might involve significant financial resources from the UB Foundation
- Review this charge annually or more often if necessary and recommend changes, if any, to the boards and perform any other activities consistent with this charge that the boards deem appropriate
October, February, April, June, as practicable