Each year, following the election of the Executive Officers, the Board elects an Executive Committee of eleven Members, comprised of:

• President
• Vice President
• Secretary
• Treasurer
• Governance and Compliance Officer
• Immediate Past President of the Board
• Five At-Large Board Members

Members serve one-year terms and may sit on the Committee for no more than seven cumulative terms. The President chairs and schedules meetings in consultation with the Committee.

The Executive Committee may exercise all authority of the Board of Directors — whether conferred by law or the IPMI Bylaws — except for powers specifically reserved to the full Board.

The Audit Committee reviews and approves the annual audit prepared by IPMI's independent CPA firm and presents it to the Board. It reviews the IRS Form 990 and related returns, recommends approval, and periodically reviews the investment portfolio against policy.

The Committee also:

• Helps prepare and review internal accounting policies and informs the Board of non-compliance
• Consults the Executive Director to keep finances consistent with Board directives and the annual budget
• Oversees the CPA (bookkeeper) and Auditor to keep financial affairs in order
• Works with the CPA and Executive Director on standardized accounting procedures
• Annually reviews the performance of the CPA and Auditor
• Recommends hiring, termination, and compensation of the Auditor and CPA
• Assists in preparing investment policy statements and revisions

Each year the Board elects a Governance and Compliance Committee of no fewer than five members, comprised of the Governance and Compliance Officer and four At-Large members — Board members, Executive Committee members, or qualified non-members.

At-Large members serve one-year terms, up to seven cumulative terms. The Committee reviews internal policies, procedures, and guidelines — including the Anti-trust and Whistleblower Policies — and informs the Board of non-compliance.

The Committee also:

• Reviews non-financial items of the 990 tax returns and recommends approval to the Board
• Annually reviews compliance with state registration and reporting requirements
• Is included in the Chain of Contacts for the Whistleblower Policy

Each year, following the election of the Executive Committee, the Board elects a Nominating Committee of five Members, comprised of:

• Immediate Past President of the Board
• Two Members of the Board
• Two Members who are not on the Board

Members serve one-year terms, up to four cumulative terms. The Committee identifies and presents a slate of qualified candidates for vacancies on the Board of Directors, Executive Officers, and the At-Large seats of the Executive, Nominating, Audit, and Governance & Compliance Committees — and any committee requested by the Board.