FINANCE COMMITTEE

Purpose:  To be responsible to Council for ensuring the financial health of the Society and that it uses all resources and assets in a prudent and effective manner to further the Aims of the Society.

Responsible for:

• Setting annual budgets and longer term financial planning policy for approval by Council
• Monitoring progress of financial plans against objectives set by Council
• Ensuring the Society complies with all legal and financial obligations under current legislation
• Setting financial procedures to be followed by staff and trustees
• Recommending to Council approval for the appointment of Bankers, Auditors and Investment advisors as required
• Management of investments
• Ensuring Society obtains best Value for Money in all its financial dealings
• Ensuring adequate insurance is in place and covers all requirements
• Ensuring Council has up to date financial management information prior to each Council meeting
• Undertaking overall responsibility for property and asset management including all capital projects and financing options

Membership

• The Finance Committee shall consist of 3 members of Council elected by Council from amongst their number at the first Council Meeting after an AGM
• Subject matter expert advisors may be co-opted as required for advice on specific subjects for a period of one year subject to the approval of Council, prior to being invited.   However they may not vote.
• A quorum shall be 2 members with voting rights

Attendance at Meetings

• As Membership above
• The Chairman is to be a member of the Human Resources

Frequency of Meetings

• The Finance Committee will meet a minimum of 3 times per year
• Council may in addition ask the Committee to meet to consider specific proposals