Executive Committee
The Executive Committee works closely with management to oversee the operations of The Hunt Institute and to identify pertinent information and actions for review by the full board. The Executive Committee may exercise the full authority of the Board the management of The Institute, with the following exceptions – the Executive Committee does not have authority over:
• Distributions, as defined in the North Carolina Nonprofit Corporation Act
• The dissolution, merger or consolidation of The Institute; the amendment of the charter of The Institute; or the sale, lease or exchange of all or substantially all of the property of The Institute
• The designation of any committee of the Board of Directors or the filling of vacancies in the Board of Directors or its committees
• The amendment or repeal of the bylaws or the adoption of new bylaws
• The amendment or repeal of any resolution of the Board of Directors which is not amendable or repealable
The Institute’s Executive Committee is a five member committee comprised of: the Chairman of the Board, the Vice Chairman, the Chair of the Finance and Development Committee, the Chair of the Audit Committee, and the Executive Director and CEO of The Institute. The Committee generally meets four times a year. One-third of the Committee must be present to reach a quorum.
Audit Committee
The Audit Committee is responsible for ensuring that The Hunt Institute maintains strong internal controls and is a good steward of its resources. As such, the Audit Committee serves several roles:
• Review accounting policies and procedures and maintaining systems of internal control
• Review the annual audit of The Institute with its external auditors ; report on the audit to the full Board of Directors
• Recommend an external auditor to the Board of Directors and define the scope of the audit
• Make recommendations to the Board of Directors relating to the financial statements, controls, records, and systems of The Institute, as appropriate
• Review the annual 990 statement for filing with the IRS
The Audit Committee must have two or more directors on the Committee, and generally has six members. None of these members can be employees of The Institute or UNC. The Committee generally meets once or twice a year to review the audit findings and the 990 filing. One-third of the Committee must be present to reach a quorum.
Finance and Development Committee
The Finance and Development Committee oversees The Hunt Institute’s budget, fundraising activities, and financial management. Specifically, the Committee:
• Advises The Institute on fundraising activities
• Reviews and adopts the annual budget and then monitors adherence to this budget
• Sets long-range financial goals along with funding strategies to achieve them
• Creates, approves, and updates policies to protect The Institute’s assets, as necessary
• Sets and monitors an investment policy
• Hires and evaluates investment managers/advisors
The Finance and Development Committee must have two or more directors on the Committee, and generally has six or seven members, including the Executive Director/CEO. The Committee generally meets twice a year. One-third of the Committee must be present to reach a quorum.
