The FAC will have the following responsibilities, and any other responsibilities reasonably related to its purposes and assigned by the Board from time to time:

1. Assist the Treasurer in periodic analysis of budget expenditures.
2. Review and recommend for approval to the Board the annual operating budget of the association and the high-level forecast for subsequent year(s).
3. Advise the Board on any budget matter pertaining to the financial stability of the organization.
4. Advise the Board on any new expenses that exceed, in part or in total, $50,000 USD per annum.
5. Advise the Board on all financial policies and recommend additional financial policies when appropriate.
6. Advise the Board on an appropriate reserves policy for the association.
7. Recommend to the Board when it is advisable to utilize reserve funds.
8. Review and recommend investment policies to the Board and monitor their implementation to ensure that they achieve the desired objectives.
9. To report to the board whether the association’s financial management follows applicable laws, regulations, standards, and best practice guidelines.
10. Review the financial statements that are prepared for the General Assembly and provide feedback to the Board on their appropriateness and transparency for members.
11. Advise the Board on financial decisions such as changes in membership dues, alternative sources of income with a view to diversifying the association’s income streams, and others that may affect financial stability of WSAVA and are requested by the board from time to time.
12. To submit a budget for any FAC expenditure for the next year by end of October each preceding year.
13. To report on the health of finances and financial reporting to the general assembly once yearly. This report shall be written after the FAC meeting that precedes each general assembly, and a copy of this report shall be sent to the Board and Executive Director the evening before the general assembly. This is for information only; the report does not need EB approval. It will be read out to the assembly and included in the minutes.