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2026-2027 AAA/AAA Foundation Investment Committee
 

Purpose

• The AAA/AAA Foundation Investment Committee is responsible for monitoring the overall investment strategy, policies, and performance of the American Accounting Association (AAA) and its related entity, American Accounting Association Foundation (AAAF), in alignment with its fiduciary obligations, risk tolerance, and long-term objectives. The Investment Committee oversees the investment of the endowment and other funds available for investment (collectively, “investment assets” or “investment portfolio”) for the AAA’s and AAAF’s benefit.

Authority

• The AAA Board hereby delegates all necessary power and authority to the Investment Committee (the "Committee") to perform the duties and responsibilities described in this Charter and as may otherwise be delegated by the Board from time to time. 
• Except as expressly granted herein, nothing in this Charter shall be construed as giving the Committee the authority to take any action on behalf of the Board or Board Chairperson without first obtaining the approval of the Board. The Committee may form subcommittees to assist the Committee and may delegate to such subcommittees such power and authority as the Committee deems appropriate to perform the duties and responsibilities described in a Board approved subcommittee charter; provided, however, that the Committee shall not delegate to a subcommittee any power or authority required to be exercised by the Committee or the Board as a whole.

Membership

• The Committee shall consist of the following voting members who serve by virtue of their position or as appointed by the AAA Management Team or the AAA Foundation:
  • A Past President of the AAA who is not currently serving on the Board of Directors (3-year term); appointed by the AAA Management Team
  • Current AAA Vice President-Finance (2-year term); also serves as Board Liaison
  • Current AAA Vice President-Finance-Elect (1-year term) (In years during which a Vice President-Elect is serving.) 
  • Immediate Past AAA Vice President-Finance (2-year term)
  • Current AAA Foundation Treasurer (3-year term)
  • AAA Foundation Trustee (3-year term staggered relative to the AAAF’s Treasurer)
  • One At-Large Member (3-year term)
  • Committee Chair (3-year term); appointed by the AAA Management Team
• All voting members of the Committee must be members of the AAA and/or AAAF.
• The AAA Management Team may appoint additional At-Large Members to enhance continuity and subject matter expertise upon recommendation of the Committee.
• The AAA Management Team may appoint non-AAA individuals possessing specialized expertise to serve as non-voting, ex-officio members.
• The Committee shall collectively possess expertise in investment management, finance, risk management, governance, and the organization’s mission or operating environment.
• The Board of Directors and external advisors (e.g., investment consultants) may attend meetings in a non-voting, advisory capacity at the invitation of the Committee.
• The CEO of the AAA shall serve as the staff liaison and an ex-officio member of the Investment Committee.

Representation of Committee Members

• The Committee should reflect a diverse range of perspectives, including professional background, skills, and experience, to support robust decision-making.
• Each member of the Committee should have investment, finance, or other business experience sufficient to evaluate the performance of the investment portfolio.
• Where applicable, representation from key stakeholder groups (e.g., Board members, subject-matter experts, or ex officio Board of Director representatives) should be balanced to avoid overrepresentation by any single constituency.
• No single individual or affiliated group shall dominate Committee decision-making.

Terms of Service

• Committee members, except for the VP-Finance progression, shall serve staggered terms of 3-years to promote continuity and institutional knowledge. 
• Committee members will serve no more than 2 consecutive 3-year terms. 
• The 5-years of service assigned to the VP-Finance is deemed to be equivalent to 2 consecutive terms.
• Term limits may be waived by the Board in exceptional circumstances where continuity or specialized expertise is deemed critical to the Committee’s effectiveness.

Key Responsibilities

In delegating management and overseeing the investment of the AAA and AAAF’s assets, each Committee member must act in good faith and with the care an ordinary and prudent person in a like position would exercise under similar circumstances and facts prevailing at the time of its actions or decisions. 

The Committee shall: 

• Set investment policies and guidelines, including policies and guidelines regarding asset classes, and asset allocation ranges for the AAA and AAAF ’s assets. 
• Oversee the investment and reinvestment of those assets. The Committee may delegate investment functions to officers and employees of the AAA and to external investment managers/advisors. The Committee may also delegate to officers and employees of the AAA other powers delegated to it by the AAA Board of Directors as to matters such as opening and closing bank accounts for the deposit of funds, and authorizing purchases, sales and exchanges of securities other than those in externally managed accounts. 
• Monitor the management of the funds by reviewing reports from investment staff and by having discussions with investment staff at Committee meetings. 
• Evaluate investment performance of the fund based on a comparison of actual returns with the Foundation’s absolute return objective, and with such other benchmarks as the Board or Committee may from time to time select. The evaluation will consider compliance with investment policies and guidelines.  
• Attend to such other matters as the Board may determine from time to time. 
• Maintain minutes of Committee meetings and regularly present reports to the AAA Board of Directors regarding the performance of the AAA and AAAF’s investments and other matters to which the Committee has given consideration.

Meetings

• The Committee meets as often as it determines appropriate, but not less than four times each year. The Committee shall meet with AAA management at least once a year and periodically in executive sessions, without the Management Team and the CEO present. Meeting may be conducted virtually. The Committee agenda will be developed by the Committee Chair.
• Minutes of the committee’s meeting will be recorded and provided to the AAA and AAAF boards for the official record.

Training and Education

• All Committee members shall receive orientation training upon appointment, including an overview of fiduciary duties, the Investment Policy Statement (IPS), portfolio structure, and governance processes.
• Ongoing education shall be provided at least annually and may include updates on market conditions, regulatory developments, fiduciary standards, and emerging investment practices.
• The Committee is encouraged to participate in relevant external training programs or briefings as appropriate.

Conflict of Interest Policy

• Committee members are subject to AAA’s Conflict of Interest Policy and the Investment Committee’s Conflict Addendum. 
• Committee members and employees of the AAA shall disclose any actual or potential conflicts of interest, including relationships with investment managers/advisors, service providers, or entities in which the AAA may invest.
• A Committee member with a disclosed conflict shall recuse themselves from discussion and voting on matters where the conflict exists.
• Conflicts affecting Committee members who also serve on the AAA Board of Directors shall be managed consistently across both roles to ensure fiduciary integrity and protect the independence of Board decisions.
• All disclosures and recusals shall be documented in Committee meeting minutes.

Self-Evaluation

• The Committee and each Committee Member shall comply with the Board's self-assessment policies and processes.
• The Committee and each Committee Member shall participate in any independent fiduciary reviews.

Expenses and Compensation

• Committee members will serve without compensation. The AAA or AAAF will reimburse all committee members for approved committee-related expenses they incur. 

Review and Amendments

• This Committee shall review the Charter annually and it may be amended with approval of the AAA Board of Directors.

Responsibilities

• Fulfill the committee charge above.
• If the Chair has any questions about the charge or responsibilities of this committee, s/he should contact the Chief Executive Officer, the President, or the committee's Board of Directors Liaison.
• The Chair must submit at least one report per year to the Board of Directors. This report should include accomplishments and suggested modifications and should be sent to the AAA President, the committee’s Board of Directors Liaison, and Governance Manager, Barbara Gutierrez (barbara.gutierrez@aaahq.org).

Members

Name / Affiliation	Contact	Term Length	Term Expires
Chair Nicole T. Jenkins University of Virginia-McIntire	Nicole.T.Jenkins@virginia.edu	3	08/2028
Mark Dawkins University of North Florida Past AAA President not currently serving on the Board of Directors	Mark.dawkins@unf.edu	2	08/2027
Jennifer Joe Virginia Tech University AAA Foundation Trustee	jjoe@vt.edu	3	08/2029
Marshall Pitman University of Texas-San Antonio AAA Foundation Treasurer	marshall.pitman@utsa.edu	3	08/2028
TBD At-Large Member		3	08/2029
Margaret H. Christ The University of Georgia Vice President-Finance (2024-2026) Past Vice President-Finance (2026-2028)	mchrist@uga.edu	2	08/2028
Diane Janvrin Iowa State University Vice President-Finance-Elect (2025-2026) Vice President-Finance (2026-2028) Past Vice President-Finance (2028-2030)	djanvrin@iastate.edu	2	08/2028
AAA Professional Staff Liaison Yvonne Hinson AAA Chief Executive Officer Ex-Officio Nonvoting Member	yvonne.hinson@aaahq.org
Board of Directors Liaison Diane Janvrin Iowa State University Vice President-Finance	djanvrin@iastate.edu	2	08/2028