In order to avoid shortfalls, it is the procedure at HQ to routinely monitor income during the budgetary year in order to determine if the income stream is falling substantially below predictions.
Spending and revenue policies
It is ISA policy that the expenditures approximated in the annual budget and approved by the Governing Council are to be the expenditures spent by ISA HQ during the fiscal year.
The Executive Director is authorized to exceed total projected expenses by no more than five percent. The Executive Director shall consult with the ISA President and/or the Treasurer prior to substantially exceeding any line item.
ISA is a single legal and financial entity, with numerous subset units (such as Regions, Sections, Caucuses and Committees). No individual or entity can make any expenditure or commit to any financial obligation, or sign any contract (any 3rd party agreements) on behalf of ISA or any of its constituent units (Regions, Sections, Caucuses or Committees) without the express approval the ISA Director of Operations & Finance or the Executive Director. All contracts (any 3rd party agreements) for hotels or other services must be reviewed and approved by the ISA Director of Operations & Finance or the Executive Director prior to any commitment or understanding to an outside vendor.
All expenditures paid by ISA to individuals are made on the basis of reimbursements for expenses with receipts, including for expenditures for Workshop Grants and Travel Grants. The two exceptions are for designated subventions to the ISA journal editorial teams and to the Program Chairs.
ISA does not pay honoraria for participation in its conferences (including its workshops and distinguished scholar panels).
ISA only reimburses air travel expenses for Economy Class airline tickets.
All disbursements from ISA accounts are to be made only by the Executive Director or the Director of Operations & Finance. Neither the Executive Director nor the Director of Operations & Finance may sign any checks or other financial instruments that are payable to themselves.
ISA Grants and Awards
ISA Grants and Awards can only be paid to current ISA members. This includes all Awards including travel support by Regions, Sections & Caucuses.
Membership Dues & Convention Registration
Changes to ISA membership dues and member rates for Convention registration must be approved by the ISA Governing Council. Changes for non-member rates for the Annual Convention and for joint international conferences can be set by the ISA-HQ.
ISA shall complete an independent audit of its financial accounts and operations at the end of every fiscal year. The auditor’s report and recommendations are made available to the Treasurer and the Finance Committee and the Treasurer reports on its findings at the annual meeting of the Governing Council.
ISA financial operations and practices shall follow the recommendations of its auditors on the best financial practices.
Access to Financial Information
ISA’s Treasurer shall have full access to any information about ISA financial accounts and audits. The Treasurer may receive copies of ISA account statements from any of ISA’s financial institutions. That information will be made available to members of the ISA Governing Council upon request.
Each year, prior to the annual meeting of the Governing Council, the Executive Director shall prepare an annual budget and provide the annual budget to the President, the Treasurer, and the Governing Council. The treasurer evaluates and reports on the prepared annual budget to the Executive Committee and the Governing Council.
The President recommends a final budget to the Governing Council. The Governing Council adopts an annual budget as part of its deliberations at the annual Governing Council meeting.
Each year, prior to the mid-year Executive Committee meeting, ISA’s Executive Director and Director of Operations & Finance prepare for the Treasurer a summary report on the financial results of the fiscal year ending on June 30.
In order to avoid shortfalls, HQ monitors income during the budgetary year in order to determine if the income stream is falling substantially below predictions.
Reconciliations of ISA financial accounts require that a minimum of two ISA staff members review the reports before the completion of the reconciliation.
Maintaining ISA’s Non-Profit Status
ISA was incorporated as a 501 (c) (3) non-profit corporation in the state of Utah.
It is required by the state of Utah, that an ISA member who legally resides in that state shall be designated to act as the ISA’s statutory agent.
In order to maintain, its legal status as an non-profit corporation, every year, the ISA must file a report as required both in the state where it was originally incorporated (Utah) and in the state where the ISA-HQ resides.
ISA will not engage in any practice that would jeopardize its 501(3) (c) non-profit status.
Required Insurance Coverage for ISA
ISA shall maintain insurance policies for the following:
- General liability coverage for its officers, directors and employees.
- Coverage for slander and libel protection for the editors of the ISA journals.
- Liability Insurance for all of its conventions and meetings, including the meetings of its Regions, Sections, and Caucuses, and its joint international conferences.
Revenue Generation from Joint Conferences
It is ISA policy that when the association (ISA) co-sponsors a conference with another association, ISA shall generate no net revenue from the cooperating activity, nor will it be expected to subsidize the conference. Any revenues generated by ISA above and beyond its operational costs and overhead are expected to be turned over to the local organizers, or, to another, mutually-agreed upon recipient. Additionally, it is expected that ISA will recoup its administrative costs involved with the conference.
Financial Relationships with Host Institutions
From time to time the association enters into relationships with institutions, typically universities that host either ISA’s headquarters, the editors of its journals, or the program chairs involved with ISA’s conferences. There have been occasions when subventions to editors or to program chairs have been treated by these institutions as funds comparable to grants and available for overhead charges by the host institution. It is ISA’s policy that—as a non-profit association—it does not allow overhead charges for its financial activities with host institutions.