Mandate

The Finance Committee is advisory to the Board of Directors in nature. The objective of the Committee is to assist the Board &/or President in meeting their responsibilities through review of reports and Board Policy options related to the governance of financial and asset matters.

The Committee assists the Board in ensuring the adequacy and effectiveness of financial management, financial reporting, internal controls, management information systems, and governance of risk policies.

Responsibilities

The specific duties of the Committee fall into four primary areas including:

1. Financial Advice/Policy Options
2. Financial Management and Reporting
3. External Audit
4. Special projects

Financial Advice/Policy Options

Review policy decision options and implications for the Board’s consideration related to:

• Financial and asset limitations policies.
• Investment limitations policies and, where applicable selection of the appropriate investment management firm(s).
• Capital projects outside the President’s expenditure limits.
• Ensuring that the Board has comprehensively addressed governance of risk in its policies on other related matters as requested by  the Board.

Financial Management, Oversight, and Reporting

Review and provide comments for the Board related to:

• Monitoring Reports on financial and asset limitation policies including monthly financial statements.
• Financial management policies.
• Compliance of accounting procedures related to the Board’s financial limitations policies.
• Achievement of the financial aspects of the President’s Ends Interpretation and Business Plan.

External Audit

Serve as the Board’s primary contact with the External Auditor(s) to:

• Review the audit proposal, scope, and costs and recommend to the Board the appointment of external auditors annually.
• Meet with the external auditors as needed but at least twice annually.
• Review the Auditor’s Report, including Management Letter and Internal Control recommendations and provide feedback and insight to the Board.
• Evaluate the performance of the annual auditor(s) assessing whether the independent audit of TBCC was performed in an appropriate manner.

Special Projects

• Undertake financial related projects from time to time as requested by the Board of Directors and/or the President

– Last updated September, 2013