The Finance Committee of the Association shall be a continuing committee, consisting of the Treasurer, President, President Elect, and two other members of the Board of Directors, who shall be appointed by the President to serve terms of two years each. Terms shall be rotated so one new member is appointed each year. The Executive Vice President is an ex-officio member of the committee without voting privileges; the President, considered a member of all committees, thus also serves on the Finance Committee. The Treasurer shall chair the Finance committee. The Finance Committee shall meet and review a preliminary financial report of the Association as prepared by the Executive Vice President. Based upon this report, the Committee shall consider the budget as proposed by the Treasurer and Executive Vice President and make suitable recommendations to the Board of Directors. At this meeting, the committee also may review the salary schedule of the Association staff and the purchase of any major equipment as recommended by the Executive Vice President and/or the Headquarters Operations Committee.