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Finance Committee Terms of Reference

TEAM Finance Committee

Terms of Reference

January 20, 2009

 

 

TEAM Finance Committee

The Finance Committee is a standing Committee responsible for establishing the TEAM-IFPTE Local 161 (TEAM) office and Board budgets, and for oversight of all Board transactions and TEAM investments.  The Committee reports to the Board for review and direction.

 

Goals

1.       To review and make recommendations to the Board on the annual budget for capital and operating revenues and expenditures for the ensuing year.

2.       To review and make recommendations to the Board on the monthly financial statements and audited financial statements.

3.       To review and make recommendations on the management of all TEAM funds in accordance with policies established by the Board.

4.       To review and make recommendations on the policies and procedures to be established for investment, banking, insurance, donations, bequests, endowments, tendering and purchasing.

 

Desired Outcomes

1.       Establish the budget for the fiscal calendar year.

2.       Provide regular reports to the TEAM Board on TEAM’s financial status.

3.       Develop an investment policy.

4.       Monitor, manage, and invest monies creating a financially diversified and low risk investment portfolio.

 

Authority

1.       The Committee shall:

·          Have the authority to carry out all of its listed duties;

·          Have the authority to select a Chair;

·          Have the authority to request investment advice from a Subject Matter Expert;

·          Have a budget of $1,500 for the Subject Matter Expert.

2.       All spending or investments greater than $5,000 shall require Board approval.

 


Meetings

1.       Meetings will be held at the TEAM office and called by the Chair or by any member through the Chair.  Regular meeting dates are recommended.

2.       The Committee will normally meet 1-2 times a month for one hour.  Meetings shall be volunteer time.  Meetings during working hours shall be by release, meetings outside normal working hours shall be volunteer time.

3.       The Chair will set the agenda with input from the Committee and ensure that meetings are scheduled.

4.       Consensus will be the decision-making process.

5.       Minutes to be taken by an assigned scribe (this role may alternate among Committee members).

6.       Refreshments can be purchased for the meeting in an amount not exceeding $20 per month.

7.       Lunch will be provided for day-long meetings.

8.       Expenses will be reimbursed based on TEAM policies.

 

Reporting

1.       Reports will be delivered electronically to the Executive Director two weeks prior to each Board meeting for inclusion in the Board pre-meeting package.

2.       Report production is mandatory.  Reporting deadlines are negotiable if delays are unavoidable.

 

Membership

1.       At a minimum:

·          The TEAM Treasurer;

·          One Board member;

·          The Executive Director.

2.       The Committee shall be limited to, but not exceeding, 5 members.

3.       Any member in good standing of TEAM is eligible to sit on the Committee.

4.       A Subject Matter Expert may be invited to attend Committee meetings, should the Committee deem this to be necessary, provided any costs are within the authorized budget.

5.       All members of the Committee are subject to Board approval.

6.       Quorum requires at least 50% of the Committee be present in order to conduct the meeting.  The Committee will only meet without quorum when exceptional circumstances exist (i.e. illness, bad weather, bereavement, etc.)

7.       The TEAM president (ex officio- attendance is above the complement of the Committee).


Resources

1.       TEAM office space (pre-booking required), office equipment, internet access, and office supplies.

2.       Access to historical financial statements and budgets.

3.       Opinions and recommendations from legal counsel available through the Executive Director.

 

Accountability

1.       The Treasurer will be responsible for presenting the monthly financial report to the Board and addressing questions regarding the Committee’s report.

2.       The Chair will be accountable to the Board for the Committee.

3.       The Committee shall maintain meeting minutes.

4.       All deliberations of the Committee, and all records, material and information pertaining to TEAM obtained by a member of the Committee shall be considered confidential.  Committee members shall maintain the confidentiality of such deliberations, and shall safeguard such records, material and information from improper access.

5.       Committee performance will be evaluated on met deadlines and deliverables.