Commission on Finance and Insurance (CFI)

The Commission on Finance and Insurance is a standing Commission of the American Academy of Family Physicians as provided for in the AAFP By-Laws (Chapter XV, Section 1).  It reviews various matters of the Academy both as routine charges of the Commission and upon referral from the Board, other commissions / committees or the Congress of Delegates.  Commission members gain a very thorough understanding of academy structure and function by review and participation in the budget process. All actions of the Commission (except for the Member reimbursement policies) are referred to the Board of Directors for final action.  Responsibilities that fall under the commission’s scope of work include:

1. Financial Performance - Monitors the Academy’s financial performance, provides ongoing financial and budgetary advice and arranges for an annual audit of the books by a licensed certified public accountant.
2. Budget - Reviews and submits the annual budget for the Board of Directors approval.  Recommends member dues amounts to the Board for their approval.
3. Reimbursement of Member Honoraria and Expense - As stated in the Bylaws, the Commission establishes the reimbursement of those representing the Academy on official business, including Officers, members of the Board of Directors, members of commissions and committees and other similar organizational entities.
4. Investments - Reviews and advises on the Academy’s investment policy, including asset allocations, manager or fund selection and performance monitoring.
5. Member Insurance Services - Investigate, develop and maintain programs of insurance and investments for the protection and benefit of Academy members and to encourage enrollment in Academy insurance and investment programs.

Commission Membership and Terms
The Commission consists of 9 members plus the Board Liaison.  Members are appointed by the Board of Directors to serve a four year term.  The Chair of the Commission is also selected by the Board of Directors and may be either a current member of the Commission serving the last year of their term or a member of the Commission whose term is expiring.

The Executive Committee of the Commission is selected by the Chair of the Commission each year and functions in place of the Commission when matters require action and it is impractical to assemble the entire Commission.

Meetings
The Commission meets once a year at the Academy’s headquarters, normally in April.  Each meeting is normally two to two and a half days long (Friday and Saturday, sometimes Sunday morning).  Agendas are provided approximately a week in advance of the meeting for review and preparation for the meeting.  A new member orientation is held at the beginning of the meeting.

The Commission also meets virtually in July and November to review the year-to-date investment results and other Commission business.  Infrequently, the Commission or its Executive Committee may have the need for another conference call to discuss various issues.

The Chair of the Commission also attends a day and half budget review session held at the Academy’s headquarters each spring.

Reimbursement
The Commission on Finance and Insurance establishes reimbursement policies for commission and committee members.  Members are currently reimbursed as follows:

• A per diem payment for attending meetings or other events on behalf of the commission.
• Actual airfare up to a full coach ticket with the provision that multiple tickets may be purchased for family members so long as total costs do not exceed the cost for one unrestricted full coach class ticket.
• Transportation between home and airport and airports and meeting sites is reimbursed, in addition to and separate from the per diem

Additional detail on reimbursement policies is included in the commission member orientation manual.

Are you interested in participating in this commission?

• First, contact your chapter prior to starting/submitting an application.
• Then, complete the online Commission Nomination Form.  (open 7/15/2021 through 10/15/2021)

Are you interested in participating in the commission's leadership?

• First, contact your chapter prior to starting/submitting an application.
• Then, you should download and review the Commission Chair Nomination Form. (will open 5/15/2021)
  
• You may also want to read the 2020 Commission Chair Orientation Manual to get an understanding of the responsibilities you will have if you are selected to be the chairperson of a committee.