FINANCE ADVISORY BOARD   

Charter

The Finance Advisory Board, established in 1991 by the Department of Finance at Kansas State University (the Department) is comprised of a select group of distinguished business, government and academic leaders. The purpose of the group is to: (1) advise the Department on matters such as: curriculum development and enhancement, graduate placement, workshop offerings and executive development, faculty development and external relations and (2) participate in the annual nomination and selection of a distinguished financial executive who will be recognized as the "Outstanding Financial Executive of the Year" by the Finance Advisory Board and the KSU Chapter of the Financial Management Association National Honorary Society.

Mission

The Goals of the Finance Advisory Board (the Board) are to:

• Increase the Department's outreach to corporate and public-sector executives, solidifying their relationship with Kansas State University.

• Increase the interaction between the faculty and the corporate world, providing Board members the opportunity to seek independent thought on corporate finance issues, and providing the faculty the ability to seek external validation for the relevance of theoretical concepts taught in finance courses.

• On an annual basis, nominate, and subsequently elect, one individual as the "Outstanding Financial Executive of the Year" to be inducted into the University's "Financial Executive Hall of Fame.

• Identify areas where the Department has, or should acquire, expertise to offer management-level workshops or executive development programs.

• Attract prominent businesspersons to the campus as guest lecturers.

• Identify areas of competitive advantage for Kansas State graduates.

• Explore the possibilities for, and assist with, summer or semester-long faculty internship programs in corporate divisions or governmental agencies.

• Identify contemporary issues in Finance to which students should be exposed.

• Review and provide input relevant to the Department's curriculum.

• Promote the image of the Department of Finance and Kansas State University

Membership

To join the Finance Advisory Board, an individual must be nominated by a Board member, the faculty of Finance at Kansas State University, Dean of College of Business or the President of Kansas State University and approved by the Board. The nominee must be a corporate sector executive serving as a chairman of the board, president, chief executive officer, chief operating officer, chief financial officer, controller, treasurer or vice president, or the equivalent of one of the above in the public sector, a principal or a partner in an investment house or accounting or consulting firm, or an academic of significant standing. (This requirement may be waived by the Board's President.) Membership on the Finance Advisory Board is limited to 40 individuals. Membership terms are five-year periods, subject to annual renewals. When all 40 memberships are filled, a waiting list will be established. The recipients of the Outstanding Financial Executive of the Year award will automatically be granted a one-year membership on the Board as an honorary member.

Upon approval by the Board, a prospective member will be invited to join and pay annual dues. Membership dues are $600 annually, via a check payable to Kansa s State Foundation. The dues may come from either a corporate account or a personal account.

The Department will use the Finance Advisory Board membership dues to offset the direct costs associated with the business and the meetings of the Board. Any remaining funds will be used to enhance the educational, research and service programs of the Department. An accounting of all proceeds will be provided the Board at each of its annual meetings.

Organization

The Board is governed by an executive committee of six, elected by the membership to two-year terms at its annual meetings. (The exception to this would be for the inaugural meeting of the Board, at which two members will be elected to one-year terms and three to regular two-year terms.) The executive committee shall elect one of its members as President who will assume the leadership of the Board until a successor has been chosen in a like manner. Should the President not be able to complete the full term, the president-Elect will assume the office prior to his induction at the next annual meeting. The only exception to the above will be the election of the first president, Gary L. Millenbruch, who was elected by the Faculty of Finance at Kansas State University

Annual Meeting

The Board will hold its annual meetings on a Friday during the month of April on or near the campus of Kansas State University. The meeting will normally commence in the morning and will include reports by the President and the Head of the Department of Finance on the preceding year's activities, general discussion and the election of a new Executive Committee. The evening will be devoted to a banquet with the Board, the faculty, students majoring in Finance, and other guests as the participants. The Outstanding Financial Executive of the Year will be announced and recognized during this banquet. An agenda will be provided the Board in advance of the meeting.