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12 THE POWER OF THE NETWORK Treasurers Report JENNIFER KERR TREASURER The ILPA had another strong year financiallymeeting or exceeding all cost and revenue goals. During this organizational transition year overall expenditures tracked significantly under budget due to both a favorable exchange rate and lower operating expenses resulting in a small surplus of approximately 400K. This surplus will be added to the organizations financial reserves which will help ensure that the ILPA remains sustainable and fiscally healthy moving forward. In 2016 the ILPA expects to invest in talent acquisition program expansion membership growth and third-party sponsorship development. The ILPA has adequate reserves to support this investment and these initiatives are intended to support the long-term growth objectives and mission of the organization. We look forward to an exciting year of expansion in 2016. THE AUDIT AND FINANCE COMMITTEE IS RESPONSIBLE FOR FINANCIAL REPORTING ACCOUNTING SYSTEMS AND INTERNAL CONTROLS. IT REPORTS TO THE CHAIR AND THE BOARD OF DIRECTORS ON MAJOR DISCUSSIONS AND DECISIONS MADE BY THE COMMITTEE.