The Finance Committee is commissioned by and responsible to the Board of Directors. It has the responsibility for working with the Executive Director to create the upcoming fiscal year budget; presenting budget recommendations to the Board; monitor implementation of the approved budget on a regular basis and recommend proposed budget revisions; recommend to the Board appropriate policies for the management of the Corporation's assets. The Finance Committee shall be assisted by the Executive Director.
Appointments and Composition
The members of the Finance Committee shall be the Treasurer of the Board who shall serve as Chair, the President who shall serve as an ex-officio member, together with other directors appointed by the President with the advice and consent of the Board in accordance with the By-laws.
- Review, and recommend to the board for approval, an annual budget for the organization in collaboration with the Executive Director and the CFO.
- Also in collaboration with the Executive Director, review, and recommend to the board for approval and annually revise, a three-year financial forecast and long-range financial plans based on the forecast.
- Review grant proposals when required by funders, and when necessary, recommend action by the board.
- Review all non-budgeted expenditures over a set dollar amount to be determined by the board of directors and recommend action to the board.
- Annually submit objectives as part of the planning and budgeting process.
- Annually evaluate its work as a committee and the objectives it has committed itself to and report on same to the Board of Directors.
- Arrange for an annual audit with submission of same to the Board.
- Report to the Board of Directors at regular meetings of the Board in a manner determined by the Board.