Committee Structure

Committee Charters

Academic Affairs Committee
Audit & Risk Committee
Finance Committee
Campus Development Committee
Governance & Nominating Committee
Human Resources & Compensation Committee


Finance Committee


Name of Committee:

Finance Committee

Name of Committee Sponsor:

Board of Governors

Date:

August 2016

Mission:

The Finance Committee assists the Board in fulfilling its fiduciary oversight responsibilities with respect to the financial resources of the University. The Committee is responsible to the Board.
 

Authority:

On behalf of the Board as a whole, the Committee monitors, evaluates, advises and makes recommendations on matters affecting the financial operations of the University, including the annual operating and capital budgets; tuition and fees; investment of funds; borrowing of funds; quarterly financial reporting, performance and policies related to finances; recommendations from other Committees which have financial implications; and, other matters as presented by the University administration and/or the Board of Governors. 

Membership:

The Finance Committee shall consist of at least five (5) Board members, including the Chair of the Board of Governors and the President as ex officio members.  In view of the close tie-in with the Audit and Risk Committee, one independent member of the Audit and Risk Committee (normally the Chair of that Committee) will also serve on the Finance Committee.  In accordance with the Board's By-Laws, members are elected annually by the Board on the recommendation of the Governance and Nominating Committee.  Public members shall have a sufficient degree of financial literacy and be able to understand the variety and complexity of issues inherent in the University’s financial statements.
 

Chair:

The Committee Chair shall be elected annually by the Board on the recommendation of the Governance and Nominating Committee.
 

Term of Office:

The term of office for all members of the committee shall be one year, ending on the date of the Board’s first regular meeting in the academic year.
 

Quorum:

The quorum shall consist of a simple majority of members.
 

Expected Conduct:

An important expectation for Committee members is one of confidentiality.  It is important that each member of the Committee be encouraged to share his or her thoughts, concerns and opinions with the Committee, and that those thoughts be held in the strictest confidence by the entire Committee. 

The Committee shall strive to operate (whenever possible) by consensus rather than by majority rule.  The Committee may establish procedures and policies for the conduct of its meetings, including preparation of agendas and recording of minutes as determined by the Committee from time to time.
 

Expected Activities:

The Finance Committee shall:

  • Review and assess the Committee’s charter on an annual basis.
  • Establish an annual plan that enables the Committee responsibilities to be addressed and will advise management of its plan and expectations.
  • Annually assess the effectiveness of the committee.
  • Report to the Board of Governors at each meeting.
  • Provide appropriate orientation to new members of the Committee.
  •  Obtain outside advisors or counsel if deemed appropriate to assist in the performance of its duties and responsibilities
     

Specific Functions:

The Finance Committee shall:

  • Review and discuss with management the operating and capital budget financial reports presented quarterly and communicate these results and any relevant issues to the Board (such as significant variances from the approved budget).
  • Review, discuss with management and recommend to the Board any supplemental budget adjustments during the year.
  • Review, discuss with management and recommend to the Board the financial plan for major capital projects that have been recommended by the Campus Development Committee.
  • Review, discuss with management and recommend to the Board the annual operating and capital budget, annual report, and Comprehensive Institutional Plan.
  • Review and discuss Reserve Fund balances with management annually and recommend to the Board additional Reserve Fund designations, as appropriate.
  • Review, discuss with management, consult with students and recommend to the Board annual credit tuition and fees, in accordance with provincial policy.
  • Review, discuss with management the University cash flows, working capital and liquidity management and recommend to the Board borrowing arrangement as required for operational and capital needs.   
  • Provide oversight of the University’s revenue-generating activity.
  • Provide oversight of the University’s investment policy and assess performance of the investment strategy through quarterly reports in accordance with the University’s investment policy.
  • Provide oversight to the University’s Endowment Management Policy, including annual disbursement/capitalization of investment returns.
  • Provide oversight on the University’s supplemental pension plans and review the Local Authorities Pension Plan (LAPP) at least annually.  In addition, the Committee will ask for a presentation every two years from LAPP officials to keep the Board up to date on pension developments.


Resources:

Vice-President, Administrative Services
Associate Vice-President, Financial Services
Director, Office of the University Secretariat
Other Vice-Presidents, as necessary.

The Office of the University Secretariat will provide administrative support. The Board Secretary will serve as recording secretary for this Committee. Budget to cover meeting expenses, photocopying and other related activities will be housed in the Office of the University Secretariat.

Records:

The records of the Committee’s decisions shall be maintained by the Office of the University Secretariat in the form of correspondence related to those decisions, legal documents, and/or minutes of meetings as appropriate.

Status:

The Finance Committee is a standing Committee of the Board of Governors.

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