The Finance Committee is a standing committee of the Council tasked with advising it on the management of the Association's, research, publications, income and expenditure.
As a committee of the Council, the Finance Committee reports to the Council on a number of matters for which is has primary responsibility. The Finance Committee is therefore directly involved in the following:
A. Role of the Committee
The role of the finance committee is primarily to provide financial oversight for the Association. Typical task include budgeting and financial planning, financial reporting, and the creation and monitoring of internal controls and accountability policies. An outline of responsibilities of the Committee includes.
1. Budgeting and Financial Planning
In addition to developing an annual budget, the committee will also set long-term financial goals. The finance committee will work with the staff to determine the financial implications of the plan and will plot them into a multi-year organizational budget that will financially support the implementation of the strategies.
3. Internal Controls and Accountability Policies:
B. Constitution and Membership:
Appointed members of Finance Committee shall remain members for a period of up to three consecutive years and shall be eligible for re-appointment for a second or further period not exceeding three years; provided that no person shall normally be re-appointed who has completed six consecutive years of membership until a period of at least one year has elapsed.
C. Terms of Reference
Approved by the Council, 31st March 2018
1. To review each year the financial resources available to the Association, with a report on the principal internal allocation of resources, and to recommend a budget to Council for the implementation of the plans of the Association.
2. To have general supervision of the finances of the Association, to ensure that expenditure incurred has been properly authorised, and to make recommendations to Council on any related matters.