About this committee
Charge and History
The Financial Management Advisory Committee (FinMAC) is a standing committee formed by the University Chief Financial Officer to provide recommendations and structured feedback from the financial community to the CFO and the management team reporting to the CFO. The Committee may provide input on all aspects of financial management at the University including EFS, financial policies, budgeting, financial reporting, business processes or other topic areas requested by the CFO. Correspondingly, FinMAC will identify issues important to the financial community that it wants the CFO's management team to address.
FinMAC will approach the issues it works on with the dual goals of
- establishing financial operations that effectively balance efficiency and risk and
- ensuring responsible stewardship of University resources.
FinMAC members will be proactive in soliciting feedback from financial personnel within their organizations, so the perspectives they bring to FinMAC will be more than their own. In addition, as a body, FinMAC has a responsibility to consult with the financial community beyond the organizations represented on the Committee. FinMAC will consult with leaders of other user groups for grants, HR/payroll, and student systems as needed to ensure that areas of financial management overlap are mutually addressed and that its recommendations are not the product of a "silo" perspective.
FinMAC will provide most, perhaps all, of its feedback in the form of specific recommendations. FinMAC will record its members' votes on recommendations and will provide the detailed vote record to the CFO along with all recommendations.
FinMAC consists of a leader and 11 positions: five permanent and six rotating. Each position is filled by appointment by the CFO in consultation with the senior leader of the organizations represented on the Committee (e.g Provost, VP, Dean).
Appointees are expected to be Chief Financial Managers or other senior finance leaders in the organizations represented on the Committee. The five permanent positions are assigned to:
- Provost's Office
- Academic Health Center VP area
- College of Liberal Arts
- College of Science and Engineering
- Medical School
The six rotating positions are assigned at large by the CFO from system campus, collegiate, and vice-presidential administrative units not already represented by the five permanent positions.
Recommendations for at large appointees will be sought from the current FinMAC members. Rotating appointments will be made in such a way as to promote a balanced perspective on the committee. Appointments may not be made from units reporting to the CFO.
The six rotating positions will be appointed for three years each, with two of the six appointments staggered by one year upon the Committee's creation. The presumption is that rotating positions will turn over every three years but reappointment of rotating members will be allowed if compelling business reasons exist for doing so, e.g., continuity in the midst of major projects.
A non-voting leader for FinMAC will be appointed by the CFO, subject to ratification by a 2/3 vote of FinMAC. The leader can be but need not be chosen from FinMAC. If the leader is chosen from FinMAC's existing membership, a new committee member will be chosen to fill the seat on the committee vacated by the leader.
The initial membership of FinMAC was: Jill Merriam (Provost), Gina Danyluk (AHC VP), Brent Gustafson (CLA), David Pappone (CSE), Anne Mockovak (Medical School), Karen Dewanz (CFANS), Michelle Wills (CSOM), Sarah Goulet (Vet Med), Wendy Berkowitz (University Services), Sue Bosell (UMD), and Tom Quinn (U-Stores). The initial chair of FinMAC was: Rob Super (AHC VP).