BCMA Finance Committee – Terms of Reference
Approved January 19, 2018
The purpose of the Finance Committee is to continually review the financial health of the organization and provide recommendation to Council to assist and advise the Executive Director in fulfilling his or her responsibilities.
Primary responsibility for the financial reporting, accounting systems, financial risk management, annual budget, business plan, internal controls and financial operations of BCMA is vested with the Executive Director with Council oversight.
The committee will:
Provide recommendations to the Executive and the Board on:
In the process of overseeing BCMA’s audit procedures, the Committee may require unrestricted access to BCMA’s personnel and documents, and will be provided with all reasonable resources Council deems necessary to carry out its responsibilities. Access to BCMA’s personnel and documents by the Committee shall be coordinated through the Executive Director, unless otherwise authorized by Council.
The Committee’s role is to provide governance (oversight). The Committee does not make decisions at an administrative and operational level. These decisions are supervised and directed by the Executive Director.
All Committee members should be financially literate. The Committee consists of a minimum of four (4) members appointed by Council as follows:
4. Duties and Responsibilities
(1) Financial Reporting
iii) quarterly investment statements; and
(2) Policy Review
The Committee has responsibility to review at least every two years, and more frequently as necessary (based on legislative changes, or a development in governance best practices), any Council-approved financial policies including:
5. Committee Meeting Frequency
The Committee meets quarterly in the months of February, June, September, and November.