Autumn leaves

FINANCE AND LEGAL AFFAIRS

Financial Matters: The Committee recommended a proposal—which was approved by the Board— to raise candidate service fees by a three-year average of the Consumer Price Index for Services (CPI-S) rather than the previous method of using the annual CPI-S, which was LSAC’s practice since 2004. The committee reviewed the FY2011 budget and recommended its approval by the Board. The committee began a “cost exercise” to try to estimate the revenues and expenses from the many activities of LSAC. Legal Matters: The Committee continued to monitor a number of legal issues, including LSAC’s data-release policy, data security and privacy issues, test-taker policies, intellectual property, and a review of IRS Form 990. The Chairs of the Audit Committee, Misconduct and Irregularities Subcommittee, and Investment Policy Oversight Group met with the Finance and Legal Affairs Committee and provided updates on each group’s activities.

BIENNIAL REPORT 2009–2011