The Society aims to establish and maintain a financial platform that will assure the financial health of the Society and support growth and other initiatives deemed important to the Society’s mission.
The Society operates on a fiscal year beginning on 1 January.
Budget Development
The annual budgeting process is managed by the CEO to ensure that a budget is approved before the fiscal year begins. This includes an Executive Board review of the strategic objectives. The CEO engages the staff in the development of a budget and operating plan based on achieving the strategy. Society groups may be asked to work with staff liaisons for specific programs and projects. The CEO presents the draft budget to the Finance and Investment Committee and Executive Board. The Finance and Investment Committee reviews the Society strategy along with the financial assumptions of the draft budget to ensure resourcing is adequate to achieve results. If the Executive Board determines that the budget does not meet its financial targets, it may adjust the strategy and request that the CEO modify the budget accordingly. This continues until the Board approves a budget.
The Executive Board may modify the approved budget as required. The Executive Board may ask the Finance and Investment Committee to comment on the financial impact before approving modifications.
Contracts
ISA volunteers, members, and member entities do not have signing authority and may not initiate any agreement or contract on behalf of the Society. Member entities are required to seek competitive bids for work for hire. If a member, former member, or individual with a familial connection to a member, bids for paid work with a member entity, the member entity must seek approval from the ISA CEO prior to signing the contract. To receive approval, the member entity must provide documentation of the competitive bid process and approved minutes reflecting the proper disclosure and handling of the conflict of interest.
Audit
The Society will conduct an independent audit annually. The Finance and Investment Committee selects the financial services firm and oversees the reviews and audits.
Reserves
To maintain a strong financial future, ISA maintains and invests funds. The reserve fund must maintain at least two times the average actual expenditures for the previous two years. These funds are managed per the investment principles. The investment principles are maintained by the Finance and Investment Committee and approved by the Executive Board at least every three years.
Approved May 2026