Finance Committee

Member Roster:

Clement Lau, Chair (2011-2013)

Hung-Yun Chang (2012-2014)

Mingyan Li (2012-2014)

Klairon Tang (2012-2014)

Maggie Wang (2011-2013)

Jian Anna Xiong (2011-2013)

Maria Fung (Ex-Officio, CALA Treasurer)

Is this an interim or annual report? Interim report

List significant activities the committee has done since last report:

  • The Committee reviewed the treasurer’s 2012 semi-annual report and 2012-2013 Q1 general ledger.
  • The Committee developed and drafted the investment policy (work plan task 1) and the revision of the “guidelines and procedures for financial reporting” (work plan task 2). Both documents have been submitted to the President and Board for review and approval.
  • The Committee commented on the tax return filing issues raised by IRS recently.
  • The Committee also participated in the investigation of CALA’s tax exemption category and discovered that CALA filed for a status change in 2000.
  • As a result of the inquiries from IRS, the Committee will continue to work on task 5 to improve the preparation of the IRS form 990, in order to avoid future filing problems.

List committee recommendations, if any, to the Board:

To review, comment, and approve (if possible) the following attached policy and procedure.