Each sub-committee should have clear terms of reference agreed by the committee and regularly reviewed. Terms of reference are written guidelines that clarify the role, purpose and responsibilities given to a committee. A reporting mechanism should be put in place so that the main committee can be kept up to date with progress, consider. Terms of Reference of Finance sub-Committee Revised / Approved May v Page 2 of 3 Voting: In accordance with the Constitution of the District Scout Council, only the specified members of the sub-Committee, present at a meeting, may vote. Decisions are made by a majority of the votes cast; in the. Each committee should have a Terms of Reference document (ToR) that, at a minimum, describes the purpose, scope and authority of the committee. The purpose of the committee is the most important section of this document and unless you have a very good reason, you should not proceed to create a committee without a clearly defined purpose. TERMS OF REFERENCE FINANCE COMMITTEE (Approved July 29, ; Amended September 28, , December 12, ) attend a Committee meeting as an ex officio non-voting Committee member The terms of individuals appointed under C(b) shall be . Finance Committee: Terms of Reference Page 4 Amended Board 5 July , 21 November , September The Chair of the Committee will report to the Board on any matters which the Committee considers ought to be brought to the attention of the Board and on.
Company About News Contact. Can be standing, ad hoc special project or advisory related to another board, committee or project. Reporting Describe whom the committee will report to, in what format, how often Resources and budget Describe the available resources people, rooms, equipment, etc. Although the Finance Sub-Committee may not do the actual tasks involved in getting money into and out of the bank or writing up the books, they are responsible for:. Who can be a member?
Click here for more information on providing financial oversight. It enables more democratic control of the organisation's finances It spreads the burden of financial management, thereby also potentially improving its quality. A clear and understandable ToR is the first step to a successful committee! Specify the role and purpose of the sub-committee. Has ultimate responsibility for the organisation's finances, ensuring they are effectively used and that the management committee can account for them. This means:.
Terms of Reference are not forever! Who does what? The role of the finance sub-committee is to share the workload of the Treasurer in managing and monitoring the organisation's finances. In general terms, the Treasurer and Finance Sub-Committee:. Sub-committees are set up so that a small group of management committee members and sometimes co-opted experts may focus in detail on a particular issue. It provides for continuity where the Treasurer resigns or their term of office ends. Typically the ToR is a written road map for the committee and contains clear and specific information on how the committee is organized, what the committee is trying to achieve, who the members are, and when and they meet. Financial systems Whatever the size of the organisation, the treasurer and finance sub-committee are expected to ensure that their financial systems: enable accountability and transparency produce an effective audit trail include a segregation of duties. This responsibility includes: ensuring the organisation keeps proper records of materials and supplies used in its work; establishing systems for stock control and re-orders; ensuring the organisation keeps proper records of its equipment and vehicles, including date of purchase, supplier, value, model and serial number; ensuring the organisation keeps proper financial records relating to property buildings and land it owns or rents; ensuring the organisation has all necessary insurances and keeps them up-to-date.