(Appendix 5.3 Continued)

VASFAA

BOARD - COMMISSIONER - COMMITTEE PLANS & REPORT FORM

(Add additional objectives and status reports as needed)

Committee: Budget & Finance

Commissioner/Board Position: Zita Barree/Treasurer-Elect

Year (e.g., 2005-06): 2006-07

Committee Members: Bobby Clemmer - Chair

Rod Moore (Southwest Virginia Community College)

Keith Wellings (Hampden-Sydney College)

John Crowley (Sallie Mae)

Erik Melis (GMU)

Brenda Burke (VCU)

Kerrie Roth (ODU)

____________________________________________________________________________________________________________________________________________________________________________

Standard Goal 1: Oversee the financial management of the Association and make recommendations to the Board of Directors, including oversight of VASFAA's fiscal affairs. (Strategic Plan Reference: Section 4.6 A (1-6))

Objective 1 (HOW the committee plans to achieve the stated goal):

Work with the Treasurer and the Board on the development of the Association’s annual budget. Monitor budget throughout the year and provide Board with updates.

______________________________________________________________________________________________________________________________________________

Status Reports of Objective 1 (Please report your progress toward achieving the stated goals – this is where the committee provides updates to the Board, including any suggestions or modifications to the goal and/or the Strategic Plan):

Date: 5-24-2006

Report: 2006-2007 VASFAA Budget developed and approved by VASFAA Board

Date:

Report:

Objective 2 Review and keep current the Associations insurance and bonding needs.

Status Reports of Objective 2 (Please report your progress toward achieving the stated goals – this is where the committee provides updates to the Board, including any suggestions or modifications to the goal and/or the Strategic Plan):

Date:

Report:

Date:

Report:

Standard Goal 2: Serve as a management source of the Sue D. Ross Scholarship Fund and work with the President's Council of the New Century Educational Trust for the purposes of investing and awarding. (Strategic Plan Reference: Section 4.6 A (1,4,6)

Objective 1 (HOW the committee plans to achieve the stated goal): Continue to review the investment policy of the Sue Ross Scholarship Fund and the New Century Educational Trust

Status Reports of Objective 1 (Please report your progress toward achieving the stated goals – this is where the committee provides updates to the Board, including any suggestions or modifications to the goal and/or the Strategic Plan):

Date: 8-15-2006

Report: Keith reinvested one CD on the Sue Ross account on 7/18/06 in a 1 year CD at 5.2%

Date:

Report:

Objective 2 (HOW the committee plans to achieve the stated goal):

Status Reports of Objective 2 (Please report your progress toward achieving the stated goals – this is where the committee provides updates to the Board, including any suggestions or modifications to the goal and/or the Strategic Plan):

Date:

Report:

Date:

Report:

BUDGET

Item (Broad general categories) Cost

Board Approved Amount: $ 350.00

Date: May 24,2006

(Use separate sheet if necessary.)