Finance Committee
The Finance Committee provides financial oversight for the Society by assisting the Secretariat in monitoring, reviewing, and making recommendations about the financial structure and investment, and the financial risk management programs of the Society.
The Finance Committee assists the Treasurer in providing complete, credible, and consistent information on the financial status of the Society and ensures sponsorship is in line with the Society’s values and mission.
Objectives of the Committee:
- Ensure the Society’s present and future finances are well managed to guarantee fiscal responsibility
- Communicate the status of the Society’s finances to the Secretariat and the members when required in easy-to-understand as well as comprehensive updates
- Develop a tiered partnership structure including strategic vision partners as well as a website / event partner framework
- Identify potential additional revenue sources
- Develop an annual operating budget in conjunction with the SMO
- Approve the budget within the Finance Committee prior to Secretariat approval
- Support the Treasurer in monitoring adherence to the budget
- Set long-range financial goals along with funding strategies to achieve them
- Develop multi-year operating budgets that integrate strategic plan objectives and initiatives
- Present all financial goals and proposals to the Secretariat for approval
Work in conjunction with the Treasurer:
- Ensuring the appointment of an auditor and completion of audits, as required
- Ensuring the completion of annual governmental filings
- Ensuring safeguards are in place for financial resources, including banking and back-ups of financial reporting documents
- Reviewing monthly financial reports provided by the SMO
The Finance Committee Chair has the following additional accountability to all members:
- Produce a yearly presentation of society finances and the next year’s budget to membership at the Annual General Meeting
Members of the Finance Committee
