- Finance Committee supports Council in the governance of the Society by monitoring the finances of the Society, acting on behalf of Council in regard to the annual audit of the Society finances, and to accept those statements and the Auditor’s Report on them, and in respect of the management of the Society investments.
Financial Reporting Responsibilities
- Monitors the Executive Director’s prudent and effective management of the Society’s resources
- Monitors Executive Director’s internal controls and policies for areas of risk
- Monitors Executive Director’s preparation of the annual budget for presentation to Council
- Reviews performance against budget during the course of the year
- Receives from management satisfactory explanations for all forecast variances from budget that are greater than 5 percent of budget or greater than $10,000 of budget
- Encourages efficiency in the management of the Society’s finances and in the expenditure of Society funds
- In accordance with the Society’s Investment Policy, oversees the prudent implementation of the Policy including the regular review of investment results and the performance of the Society’s Investment Manager as required by it
- Selects the Society’s external investment manager
- Sets the investment parameters for the Society on behalf of Council
- Annually recommends to Council the appointment of the external auditor
- Meets with the Society’s external auditor in preparation for and following the annual external audit to ensure the audit function is effectively performed and to reinforce the external auditor’s independence
- May meet with the Society’s external auditor at any time
- Recommends to Council approval of the accepted financial statements and the Auditor’s Report on them.