Member Document Archive

Purpose of Audit Committee

As approved at Special Membership Meeting of June 29, 2009, corrected September 13th, 2009.

  1. The Audit Committee shall consist of three members who shall serve a one-year term. Terms begin and end upon certification of the election by the Nominations and Elections Committee at the annual meeting. The Audit Committee shall elect a chair. No officer, employee, or director of the corporation shall be eligible to serve on this committee.
  2. The function of the Audit Committee shall be to review and evaluate:
    1. the financial statements and audit reports of the corporation and its manager;
    2. the corporation’s accounting system, accounting procedures, operating budget, and allocation of costs under the provisions of the by-laws and management agreement;
    3. adherence of the board and manager to the management agreement;
    4. conformance of the board with the policies established by the board and the bylaws, regarding the various operations of the corporation such as the cafe, in order to determine the board’s effectiveness in administering the affairs of the corporation economically and efficiently;
    5. all contracts and agreements entered into by the cooperative;
    6. any other matters brought up by the audit committee;
    7. concerns brought up to the committee by cooperative members;
  3. The Audit Committee’s authority to request information and conduct investigations shall be based on a majority vote of the committee.
  4. The Audit Committee may make such reports and recommendations to the Board of Directors and to the membership of the Corporation as it may deem appropriate, and shall make an annual report to the membership of the Corporation concerning its findings, and its operations throughout the year. Reports to the membership other than at the regular annual meeting of the members of the Corporation shall be e-mailed to members per the procedures established in the by-laws no later than thirty days after presentation to the secretary of the Corporation.
  5. Members of the Audit Committee shall have the right to attend all regular and special meetings of the Board of Directors, including executive sessions, and shall be furnished with copies of all minutes. They shall also be given access to all books and records of the Corporation. The Audit Committee shall have the right to consult with the Corporation attorneys and auditors.
  6. The members of the Audit Committee shall remain impartial and shall keep those matters subject to executive session confidential to the extent that the by-laws provide.
  7. Nothing in these purposes shall limit the board’s responsibility to make policy and management decisions n behalf of the membership.