Finance Committee Terms of Reference
The Finance Committee (hereinafter “the Committee”) is proposed for office by the Chairman of the Board of Governors for the approval of the Board of Governors (hereafter “the Board”). The term of the Committee shall be that of three scholastic years.
- The purpose of the Committee is to oversee the financial management of the College.
- The Committee shall review the budget prepared annually by the Bursar prior to its presentation for approval by the Board.
- The Committee shall ensure that audited financial statements are compiled annually in terms of law and that these are presented to the Board in a timely manner allowing sufficient time for due consideration by the Board.
- The Committee shall ensure that any procurement done by the College follows the relative procedures stipulated by the Committee.
- For good reason and when circumstances so dictate, the Committee shall consider and approve, where the Committee believes the same to be in the best interests of the College and in line with the overall policy established by the Board:
(i) any expenditure outside the approved budget, be it capital or recurrent,
(ii) any staff remuneration over and above the approved budget, be it salaries, overtime, adjustments, salary increases, allowances, etc, and
(iii) any revisions to the above.
Any such approval should be reported to the Board at the first meeting of the Board thereafter.
- The Committee must be informed and shall give its consent prior to the College issuing any call for applications or the conclusion of any recruitment process for the engagement of any College staff member, whether in respect of a new or existing post.
- The Committee shall review financial considerations and budgets on any proposed project, venture, capital expenditure or initiative prior to their presentation to the Board and shall request the preparation of any analysis that may be required in order for the Committee and/or the Board to gain a deeper understanding of the project, venture, capital expenditure or initiative brought before it.
- The Committee shall be composed of a minimum of 3 and a maximum of 5 members, one of which the members shall designate as Chair of the Committee, with the Bursar being in attendance acting as Secretary of the Committee. Committee members are not required to be members of the Board, provided that the majority of members of the Committee must be members of the Board.
- The Committee shall regulate its own proceedings and will report on the financial management of the College, including but not limited to matters relating to the income from fees and the non-payment thereof, new projects, capital expenditure and extraordinary expenses, to the Board on an ongoing basis.
- The Committee shall meet on a regular basis as required but at least on a quarterly basis, as convened by the Chair of the Committee.
- Members of the Committee shall be notified by email or by post at least seven days prior to a meeting. Any presentation to be made in support of any item on the agenda is to be forwarded to the members of the Committee at least 1 week prior to the meeting.
- The quorum for a meeting of the Committee is not less than 50% of the members.
Updated September 2020