In the April newsletter we welcomed our new board members and introduced you to the extensive knowledge and experience that our board members bring to the USMF. In this article we'll explore how our board works with us through the various board committees.

The board currently has seven committees:

The Advocacy Committee engages key board members in outreach to the Maryland community to support public understanding of the value and impact of public higher education in Maryland and to support measures that advance the institutions affiliated with the System.

The Audit Committee fulfills the oversight responsibilities of the board through review of the financial reporting process, the system of internal controls, the audit process, and processes for monitoring compliance with laws and regulations.

The Budget/Finance Committee reviews and monitors the overall financial status of the Foundation, including its budget and reserves.

The Executive Committee serves an administrative role for the board by exercising the rights, powers and authority that may be granted from time to time by the full board.

The Governance Committee deals with the structure of the board including identifying candidates, monitoring participation and engagement of board members, developing and reviewing succession plans, and reviewing policies and processes in how the board and committees interact with and provide oversight  of Foundation staff.

The Investment Committee works with the investment office in setting the strategic direction for the management of the endowment and operating portfolios and in reviewing and approving the specific actions to meet those strategic objectives.

The Spending Policy Committee establishes and reviews the spending policy to determine its appropriateness in light of the current economic environment and applicable laws and regulations and recommends an annual spending rate for Executive Committee approval.