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? Annual report

List significant activities the committee has done since last report:

  • The Committee reviewed the treasurer’s 2012-2013 Q2 & Q3 general ledgers.
  • The investment policy and the revision of the “guidelines and procedures for financial reporting” developed and drafted by the Committee have been reviewed by the Board. No further action has been suggested or taken by the Board.
  • The Committee reviewed the 2012 tax return form 990 in April. It pointed out the discrepancies found in the form and made suggestions to improve the filing procedure.

List committee recommendations, if any, to the Board:

Currently, the treasurer’s financial report is more like a general ledger that records the Association’s financial transactions. However, such practice does not conform to Generally Accepted Accounting Principles (GAAP). The Association may need to reconsider how financial information should be reported that conform to GAAP standard which typically includes the following three reports: balance sheet, income statement, and statement of cash flows. By doing so, it would be easier to understand the financial position of the Association. The data contains in these three reports will also help the filing of the annual tax return (IRS form 990).