• Section 1. Standing Committees of the Authority
    The Authority shall have the following standing committees: (1) By-Laws Committee; (2) Organizational Structure Committee; (3) Personnel Screening Committee; (4) Audit Committee; (5) Evaluation Committee; and (6) Finance Committee.
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  • Section 2. By-Laws Committee
    The By-Laws Committee shall be responsible for drafting or causing to be drafted the By-Laws for the purpose of providing for the regulation and conduct of Authority affairs. The By-Laws Committee shall also be responsible for drafting or causing to be drafted any amendments or revisions to the By-Laws. The By-Laws Committee shall consist of the Chair and two (2) other Members of the Authority.
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  • Section 3. Organizational Structure Committee
    The Organizational Structure Committee shall be responsible for preparing a staffing chart, establishing the duties of staff members of the Authority and setting forth the required reporting obligations of each staff member of the Authority. The Organizational Structure Committee shall consist of the Chair and two (2) other Members of the Authority.
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  • Section 4. Personnel Screening Committee
    The Personnel Screening Committee shall identify the needs of the Authority regarding the hiring and retention of staff members of the Authority and for establishing policies and procedures regarding issues surrounding ethics, including the drafting or causing to be drafted a Code of Ethics for consideration and adoption by the Authority, for all Authority staff and all Members of the Authority. The Personnel Screening Committee shall consist of the Chair and three (3) other Members of the Authority.
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  • Section 5. Audit Committee
    (a) The Audit Committee shall be responsible for overseeing the financial reporting and audit processes of the Authority. The Audit Committee shall also assist the Members of the Authority in retaining an independent auditor to conduct an audit of the Authority’s financial statements by making a recommendation to the Members after engaging in an auditor selection process, which auditor selection process shall take place at least once every five (5) years. In accordance with Executive Order No. 122 (McGreevey 2004) (“EO 122”), the Audit Committee shall establish criteria for the selection of the independent auditor and the weight to be given to each criterion established. The criteria for selecting an independent auditor shall include, but not be limited to, the following:
    (1) the proposed fee for services;
    (2) the quality of the response to the request for proposals package;
    (4) the demonstrated ability and qualifications to conduct governmental audits;
    (5) the quality of service to the governmental entities in previous transactions; and
    (6) familiarity with federal laws, rules and regulations relevant to governmental audits.
    The Audit Committee shall meet at least twice (2) each year. One (1) of these meetings shall take place prior to the commencement of the audit and the one (1) of these meetings shall take upon the issuance of the final audit report.

    (b) Upon receipt of the written report from the Evaluation Committee (as described below in Section 6(a) of this Article VII), the Audit Committee shall review the written report and determine whether to re-rank the responses to the request for proposals and whether to conduct interviews. The Audit Committee shall then make an award recommendation to the Members of the Authority. Additionally, the Audit Committee shall issue a report to the State Treasurer within six (6) months of making a recommendation to the Board that sets forth the steps taken to comply with the procedures set forth in EO 122 regarding the selection of an independent auditor.

    (c) In accordance with EO 122, the Audit Committee shall consist of at least three (3) members, of which at least two (2) shall be Members of the Authority. At least one (1) of the members of the Audit Committee shall have accounting or related financial expertise. Additionally, all members of the Audit Committee must satisfy the criteria for independence set forth in EO 122 in order to be eligible to serve on the Audit Committee. At no time shall a member of the Authority staff be a member of the Audit Committee. In the event that the Authority does not have sufficient Members qualified or available to serve on the Audit Committee, the Authority may request that the State Treasurer recommend one or more qualified individuals to sit on the Audit Committee. The membership of the Audit Committee must be approved and appointed by resolution of the Members of the Authority.

    (d) A copy of the final audit report of the Authority, as approved by the members of the Authority, shall be transmitted to the State Treasurer.
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  • Section 6. Evaluation Committee
    (a) The Evaluation Committee shall be responsible for drafting requests for proposals (“RFP”), for soliciting responses to the RFP, accepting and evaluating responses to the RFP and providing a final report to the Audit Committee. The Evaluation Committee may draw upon the expertise of the State Department of the Treasury, Division of Purchase and Property to assist the Evaluation Committee in drafting the RFP, soliciting responses to the RFP and evaluating responses to the RFP. The Evaluation Committee shall prepare a written report of its evaluation of all responses to the RFP based on the criteria established by the Audit Committee and shall submit such written report to the Audit Committee. The role of members of the staff of the Authority in connection with the Evaluation Committee is limited to providing assistance in drafting the RFP.

    (b) The Evaluation Committee shall consist of at least three (3) Members of the Authority. Each member of the Evaluation Committee shall satisfy the criteria for independence set forth in EO 122 in order to be eligible to serve on the Evaluation Committee. In the event that the Authority does not have sufficient Members qualified or available to serve on the Evaluation Committee, the Authority may request that the State Treasurer recommend one or more qualified individuals to sit on the Evaluation Committee.
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  • Section 7. Finance Committee
    The Finance Committee shall have the responsibility for drafting and recommending an annual budget for each fiscal year to the Members of the Authority. The Finance Committee shall also have the responsibility for recommending to the Members of the Authority, the purchase, termination or renewal of any type of insurance necessary or desirable to further the functions and operations of the Authority. The Finance Committee shall consist of the Chair, the Vice-Chair, the Treasurer and the Executive Director.
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  • Section 8. Additional Committees
    The Chair may establish or the Members of the Authority may establish additional committees, from time to time, as necessary. For additional committees established by the Chair, the Chair is authorized to appoint members to such committee. For additional committees established by the Members, the Members shall establish such additional committee by resolution of the Members of the Authority and shall appoint committee members by resolution of the Members of the Authority. Advisory committees, as set forth in Section 13 of the Authority Act shall be established by resolution of the Members of the Authority. Each additional committee, whether established by the Chair or the Members, and each advisory committee established by the Members, shall have at least three (3) members.
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  • Section 9. Committee Reporting Requirements
    Each committee shall submit reports of each committee meeting to the Members of the Authority at each regular meeting of the Authority, as appropriate, and each committee shall submit recommendations to the Members of the Authority for consideration by the Members of the Authority, as necessary or as required by the Authority Act.
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