Finance Committee

The Finance Committee is a Board committee whose members are SURA Trustees appointed to the Committee by the Board.

David Ernst, Vanderbilt University, Chair
Terry Herdman, Virginia Tech
David Lee, The University of Georgia
Francis Macrina, Virginia Commonwealth University
Michael Stump,  William & Mary, Special Trustee
Peter Bjonerud, SURA Chief Financial Officer and Corporate Treasurer, Staff Liaison

Responsibilities of the Finance Committee:

Responsible for the financial activities of the corporation including:

  • Recommending approval and providing oversight of all budgets
  • Development and oversight of all investments
  • Development of appropriate spending guidelines
  • Evaluation/recommendation of major deviations from financial plans

Act as Audit Committee of the Board:

  • Select external auditors and review performance periodically
  • Receive and evaluate (with recommendations as appropriate) the annual audit of the corporation as prepared by external auditors
  • Initiate any special audit programs by the external auditor
  • Participate in the development of the annual internal auditor’s program
  • Receive and evaluate (with recommendations as appropriate) the various internal audits

Provide governance and fiduciary oversight of the SURA/Jefferson Science Associates Retirement Plans

  • Review and approve all additions and deletions of investment options
  • Conduct annual due diligence reviews of the plan assets to determine that the they are managed in an efficient and effective manner and that they remain compliant with relevant ERISA requirements
  • Develop and maintain a comprehensive Retirement Plan Investment Policy Statement that incorporates best practice in carrying out the corporations fiduciary responsibilities
  • Review and comment on annual tax filings and any significant proposed changes to the retirement plan documents