The Audit Committee shall be comprised of not less than five (5) members of the Board. The Audit Committee shall be responsible for commissioning the annual audit of the finances of the Foundation, for the supervision of the auditor and for responding to all questions and issues raised by the auditor. The Audit Committee will recommend to the Board conflicts of interest and other policies for the operation of the Foundation. The Audit Committee will be responsible for reviewing performance of the Board and Committees against the policies, purposes, goals and objectives of the Foundation, including reviewing the Board members' attendance at Board and Committee meetings and fulfillment of Board and Committee related assignments. The Audit Committee shall accept and investigate all complaints, grievances or reports of violations of policy received from any Trustee or Trustees. At each of its quarterly meetings, the Audit Committee shall report its findings and recommendations with respect to the performance of Board and Committee members to the Executive Committee or to the Board as a whole.
- By-Laws of the University of Chattanooga Foundation, Article VI, Section 7