Finance Committee Of The Board Of Directors

Mandate

This is a standing committee of the OCOF/Nena Board responsible for assisting the Board of Directors in fulfilling its oversight responsibilities, over the financial affairs of the Agency and to ensure the establishment of sound financial policies and practices which will lead to the long-term financial sustainability of the Agency.

Objectives

  1. Approve the Agency’s budget framework
  2. Review and recommend to the Board of Directors the annual budgets
  3. Review and recommend to the Board of Directors Salary Grid Increases as outlined in annual Budgets and in accordance with delegated authority and signing resolutions
  4. Endorse the underlying principles surrounding Day Care Fee increases as outlined in annual Budgets and in accordance with delegated authority and signing resolutions
  5. Review and recommend the Financial Management Policies and Procedures to the Board of Directors
  6. Review and recommend to the Board of Directors capital expenditure proposals in accordance with delegated authority and signing resolutions
  7. Review actual vs budget results on a quarterly basis
  8. Monitor the financial health of the Agency through projections and forecasts, recommending corrective action where required

Process

Annually the Finance Committee shall make recommendations for Board approval on the following:

  • Annual Operating and Capital Budgets
  • Annual Audited Financial Statements
  • Appointment of Auditors
  • Amendments to Financial Management Policies

Quarterly the Finance Committee shall make recommendations for Board approval on the following:

  • Actual versus Budgeted results on Financial Reports

Monthly the Finance Committee shall make recommendations for Board approval on the following:

  • Actual versus Year to Date results on Financial Reports
  • Validate salary and food ratios
  • Validate enrolment capacity versus operating

Membership

The Committee will be chaired by the Treasurer of the Board of Directors. The Other members will include two other Board Members and the Executive Director (ex-officio). The Director of Finance and Corporate Services shall normally be required to attend all meetings.

Terms of Office

The term of office of members of all committees shall commence with the announcement of their appointment and shall continue until the next Annual General Meeting.

Reporting Relationships

The Finance Committee have a reporting relationship to the OCOF/Nena Board of Directors. On a monthly basis the Committee Chair shall report to the Board on its proceedings after each meeting on all matters within its duties and responsibilities where appropriate.

The Committee Chair on behalf of the Committee may make a written statement in the annual report about its activities.

Meetings

The Committee will meet monthly at the call of the Chair.

Quorum

A Quorum shall be a majority of the Committee’s members.

By-Laws

This Committee is governed by the OCOF/Nena By-Laws.