Finance Committee

  • Erika Stenson, BCMA Treasurer and Head of Marketing and Business Development, Royal BC Museum (Committee Chair)
  • David Alexander, Head of Archives, Access and Digital, Royal BC Museum
  • Tania Muir, Program Director, Cultural Resource Management Program, University of Victoria
  • Leah Best, Head of Knowledge, Royal BC Museum
  • Brian Radburn, Vice-President, Operations & Chief Financial Officer, Science World

Click here to read the Finance Committee’s terms of reference

BCMA Finance Committee – Terms of Reference

Approved January 19, 2018

 

1. Purpose

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.

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:

  1. the annual Business Plan;
  2. the annual budget;
  3. quarterly financial statements;
  4. appointment of auditors and any extra parameters of audit;
  5. the acceptance of the annual audited financial statement;
  6. the annual review of an Investment Fund strategy;
  7. the status of the BCMA 150 or other special project funds;

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.

 

2. Role

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.

 

3. Composition

All Committee members should be financially literate. The Committee consists of a minimum of four (4) members appointed by Council as follows:

  1. a) the Treasurer serves as Chair of the Committee;
  2. b) the President and Past President are members;
  3. c) at least one other qualified individual who is a member or employed by a member organization of the BCMA;
  4. d) at least one member should be a member of a Canadian regulated accounting profession;

 

4. Duties and Responsibilities

(1) Financial Reporting

The Committee:

  1. a) reviews and recommends to Council approval of the:
  2. i) quarterly financial statements and reports;
  3. ii) annual audited financial statements; and

iii) quarterly investment statements; and

  1. iv) management discussion and analysis, if any, that accompanies the audited financial statements;
  2. b) examines the audited annual financial statements in conjunction with the reports of the External Auditor.  
  3. d) discusses with the Executive Director [and the External Auditor] significant financial reporting, recording or presentation issues that have arisen during the fiscal period and the manner of their resolution.

(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:

  1. Committee Terms of Reference
  2. Expense Policy

5. Committee Meeting Frequency

The Committee meets quarterly in the months of February, June, September, and November.