Chaired by Treasurer, providing oversight on all financial matters. Works with external accountants and bookkeeper to review and deliver all fiscal reports, as required to the Board of Directors and membership.
The membership of the Finance Committee shall be comprised of a minimum of three members, two of which must be members of the Board of Directors. The Chair and Vice-Chair must be members of the Board of Directors. The Staff liaison will be the club bookkeeper.
Note: Committee members should possess a sufficient level of financial literacy including accounting, financial management expertise, or other relevant experience.
The goals of the Finance Committee shall be to advise the Board by undertaking financial planning and oversight responsibilities, as well as monitoring, reviewing and providing advisory functions in the areas of external review for Budget and Financial Services.
- Review budget submissions and prepare the annual budget, as well as two-year financial outlook, based on the strategic priorities and financial needs.
- Develop internal procedures and controls for financial reporting and budgets.
- Review the Finance policies on annual basis.
- Review and report on cash flow, investment performance, and profit / loss on a quarterly basis.
- Review and approve as appropriate any variances from budget line items which may arise during the year.
- Ensure that an external review is undertaken in accordance with Bylaws.
- Provide advice on any matter or question relating to financial position.
- Be responsible for delivering against additional board agreed priorities.
Jurisdiction: The Committee can make any recommendations with respect to financial operations for approval by the Board.