The Skal International Finance Committee plays a critical role in managing the financial operations and ensuring the economic stability of Skal International. The committee comprises experienced professionals who maintain transparency, accountability, and effective financial management. This article details the committee’s recent activities, key discussions, and ongoing efforts to achieve economic stability. Transparency, inclusivity, and meticulous financial control remain at the core of the committee’s operations.
Overview of the Finance Committee
The Finance Committee, chaired by Director NSN Mohan, was established to provide oversight, guidance, and support in financial matters to ensure the organization’s stability. The committee includes members familiar with analyzing budgets and figures in their regular businesses. Members have full access to Skal International’s monthly financial reports, which are the basis of the committee’s work, focusing on several key areas:
- Financial Planning and Budgeting: Assess and provide recommendations on funding strategies, investment opportunities, and financial risks.
- Financial Reporting and Compliance: Review and approve financial statements to ensure accuracy and compliance with applicable laws and regulations.
- Fundraising and Revenue Generation: Guide financial aspects of grant applications, sponsorship agreements, and other fundraising initiatives.
- Investment and Asset Management: Review and recommend investment policies to optimize the organization’s financial assets.
- Risk Management: Identify and assess financial risks and develop risk mitigation strategies.
Skal Europe: Good morning, and thank you for joining us today. Could you please start by giving us an overview of the Finance Committee’s objectives and structure?
NSN Mohan: Good morning. Thank you for having us. The Finance Committee’s primary objective is to ensure the financial stability and transparency of Skal International. We aim to provide oversight, guidance, and support in all financial matters. The committee is structured with a chairperson, co-chairs, and several sub-committees focusing on different aspects such as financial stability, financial control, and increasing productivity. This structure allows us to address specific financial challenges and opportunities effectively. We are fortunate to have dedicated leaders such as Past President Juan Steta and Co-chairs Luigi Sciarra and Sanjay Datta, who bring invaluable expertise and leadership to our committee.
Skal Europe: Sanjay, as one of the co-chairs, how would you describe the significance and responsibilities of the Finance Committee?
Sanjay Datta: The Finance Committee is one of the most crucial committees for any organization or association. Being a part of such a vital committee for Skål is a matter of utmost pride. We have to be very proactive and think outside the box to ensure that members’ money is well-utilized and invested properly to get maximum results. This approach helps cover certain costs that may go over budget. Our committee comprises many stalwarts, and we are all first among equals. The committee includes esteemed members such as Immediate Past President Juan I Steta, Franz Heftter, Luigi Sciarra, Sally and Ernst from New Zealand and Australia respectively, Solomon from Africa, Jo Jungwirt, President Skål International Germany representing Europe, Elizabeth Shumaker from Cusco, Keethi from Sri Lanka (also the Skål Asia President), and Inder Pal Dhadda from the USA. The deliberations we have every month—on the third Thursday of every month—are very informative and valuable to Skål. All the committee members have contributed immensely to our cause. We need to assure members that the finance team will ensure the monies from their subscriptions are well-utilized and protected at all times.
Skal Europe: Franz, as President of Skal Europe, can you elaborate on the challenges you have encountered and how the committee is addressing them?
Franz Heffeter: Certainly. One of the main challenges we face is the decreasing membership numbers, which directly impacts our financial health. To address this, we are working closely with the Membership Development Committee to retain existing members and attract new ones. Engaging with members and understanding their needs is crucial. Additionally, we are looking into optimizing our investment strategies to ensure better returns and financial sustainability. For example, we have discussed holding investments in USD to take advantage of better interest rates. Co-chair Luigi Sciarra has been pivotal in leading our efforts on financial control, ensuring that our budgeting and spending are meticulously monitored and managed.
Skal Europe: Luigi, could you provide more details on the specific strategies the committee is implementing to ensure financial stability?
Luigi Sciarra: Transparency and inclusivity are at the core of our operations. Our efforts in financial control are focused on meticulously monitoring and managing our budgeting and spending. We check monthly to ensure the sustainability of our finances, analyzing the reports we receive. Collaboration and communication are essential in every organization. We share opinions and give disinterested and objective efforts for the future of our beloved association. This approach ensures we can maintain a healthy financial status and foster a positive working environment. Past President Juan Steta and I work closely to guide our strategies, bringing our vast experience.
Skal Europe: Elizabeth, as a member of the Financial Stability sub-committee, how has your experience been so far?
Elizabeth Ann Shumaker: When I joined the Finance Committee, I was confident in my financial background but unsure of my role among such esteemed colleagues. Any nervousness quickly dissipated due to the committee’s transparency and professionalism. Under Director Mohan’s leadership, the committee works diligently to advance Skal International’s goal of achieving greater financial security. Our sub-committee, led by Past President Juan Steta, has been instrumental in providing valuable recommendations for long-term financial planning. Juan’s deep understanding of financial management within Skal International has been a guiding force for our sub-committee.
Skal Europe: Mohan, could you highlight some recent achievements of the Finance Committee?
NSN Mohan: One of our significant achievements has been achieving a 96% collection rate on annual fees, which is a testament to our members’ commitment and the effectiveness of our collection strategies. We have also successfully scrutinized and approved all expenses, ensuring financial discipline. Furthermore, our efforts in optimizing investment strategies have started to yield positive results, contributing to our overall financial stability. We have also been successful in negotiating better rates and complimentary rooms for directors’ participation, which helps in reducing costs. The contributions of Past President Juan Steta and Co-chairs Sanjay Datta and Luigi Sciarra have been vital in these achievements, providing the necessary leadership and direction.
Skal Europe: Franz, you mentioned the importance of member engagement. How is the committee working to enhance this aspect?
Franz Heffeter: Member engagement is indeed vital. We are implementing several measures to improve this. For instance, we are increasing communication and transparency by regularly updating members on financial matters and committee activities. We are also organizing webinars and meetings to discuss financial strategies and gather feedback from members. Additionally, we are working on providing more value to members through various initiatives and benefits. Engaging with members on a personal level and understanding their needs and concerns is crucial for retaining and attracting members. Co-chair Luigi Sciarra has been actively involved in these efforts, ensuring that our financial controls support these engagement strategies.
Skal Europe: Luigi, how do you see the committee evolving in the future, and what are your personal goals within the committee?
Luigi Sciarra: I see the committee continuing to evolve by adopting more advanced financial management practices and leveraging technology for better efficiency and transparency. I aim to contribute more towards developing innovative financial strategies and ensuring that our financial planning aligns with the organization’s long-term goals. I also look forward to mentoring new members and helping them integrate smoothly into the committee. The collaborative and supportive environment within the committee has been a key factor in our success. The guidance from leaders like Juan Steta and Director Mohan has been invaluable in shaping our future direction.
Skal Europe: Elizabeth, could you share some insights into the subcommittee’s work and its impact on the overall financial health of Skal International?
Elizabeth Ann Shumaker: Our sub-committee has been working on several initiatives to improve financial stability. For example, we have been analyzing monthly financial reports to identify any discrepancies and ensure that expenses are within budget. We also provide recommendations on investment strategies and explore new revenue-generating opportunities. Our work has significantly contributed to maintaining financial discipline and ensuring that Skal International remains financially healthy. Communication within the sub-committee has been excellent, with members regularly exchanging emails and discussing important issues. Juan Steta’s leadership has been crucial in guiding our discussions and ensuring that we remain focused on our goals.
Skal Europe: Mohan, what are the committee’s plans for the upcoming year?
NSN Mohan: For the upcoming year, our plans include enhancing our financial reporting systems to provide more real-time data and insights. We also aim to explore new revenue-generating opportunities and improve our investment strategies further. Another key focus will be on risk management, where we plan to conduct a thorough assessment of potential financial risks and develop robust mitigation strategies. Additionally, we will continue to work on member engagement and retention initiatives to ensure a stable financial base. Engaging with members and understanding their needs will be a priority. Leaders like Juan Steta, Luigi Sciarra and Sanjay Datta will continue to play a crucial role in driving these initiatives forward.
Skal Europe: Transparency and inclusivity are essential for the success of any committee. How does the Finance Committee ensure these values are upheld in its operations?
NSN Mohan: Transparency and inclusivity are at the core of our operations. We ensure these values by regularly publishing detailed minutes and reports of our meetings on the Skal.org website. This allows all members to stay informed about our activities and decisions. We also encourage open communication and participation from all committee members, ensuring that everyone’s voice is heard. By making our processes and decisions transparent, we build trust and accountability within the organization.
Skal Europe: Sanjay, could you share your thoughts on the importance of the Finance Committee’s role within Skal International?
Sanjay Datta: Our Finance Committee brings a wealth of experience, and the deliberations we have on a monthly basis are very informative and valuable to Skal. All the committee members have contributed immensely to our cause. We need to assure members that the finance team will ensure the monies from their subscriptions are well-utilized and protected at all times. Our Finance Director shall present a very healthy balance sheet at the Annual General Assembly, and we provide significant inputs in investment and cost control, as well as other finance-related issues, for the betterment of the organization. All the enriched works and reports are available on the website for reference. We take our work seriously and are dedicated to contributing to our organization’s financial health.
Skal Europe: Thank you all for sharing these valuable insights. The Finance Committee is making significant strides in ensuring Skal International’s financial stability. Any final thoughts you would like to share?
Elizabeth Ann Shumaker: I would like to emphasize the importance of collaboration and communication within the committee. Our success is a result of our collective efforts and the open exchange of ideas. Working with such a dedicated and professional team has been an enriching experience.
Franz Heffeter: I echo Elizabeth’s sentiments. The committee’s work is crucial for our organization, and I am confident that with continued dedication, we will achieve our financial goals. The support and guidance from Director Mohan and other committee members have been invaluable.
NSN Mohan: I would like to thank all the committee members for their hard work and commitment. Together, we are building a stronger and more financially stable Skal International. The future looks promising, and I am confident that we will continue to achieve great results.
Skal Europe: Thank you all for your time and insights. It has been a pleasure speaking with you.
