Old Ottawa South Community Association

Finance Committee (1)

The Finance Committee consists of members of the OSCA executive and manages all financial aspects of the association, the OSCAR, and the Firehall Fund. The committee also produces the annual financial statement and presents it as the Treasurer's Report at the Annual General Meeting (AGM) in May.

Finance Committee Terms of Reference, 2015-2016

OSCA Finance Committee Terms of Reference

Updated June 2015

Role

The Finance Committee oversees, monitors, and advises the OSCA Board on issues related to the finances of OSCA, including financial reporting, policies and procedures, risk management, and any relevant strategic initiatives.

 

Responsibilities

  • Provide the OSCA board with advice and guidance on Financial policy and procedure
  • Recommend and advise the Board on fiduciary responsibilities
  • Implement key strategic priorities as set out by the Board
  • Work in partnership with the Program Committee to implement and establish policies and procedures that best meet the Terms of Reference of the Program Committee

 

Accountability        

The Finance Committee is accountable to the Board and will supply copies of its minutes, reports and other documents at monthly Board meetings.

 

Authority

  • Review OSCA’s financial statements on a regular basis and report to the Board;
  • Ensure the Board is promptly informed of any problems, issues or concerns;
  • Provide expertise to enhance the quality of Board discussion on financial matters, including strategic direction, and facilitate effective Board decision-making in this area;
  • Determine the adequacy of OSCA’s internal financial controls and procedures for financial reporting to the Board;
  • Develop and oversee the implementation of policies to safeguard OSCA’s assets and revenue streams;
  • Advise the Board on policies for the effective management and investment of OSCA’s financial reserves;
  • Review and approve the scope of the audit and audit fees to be paid, and recommend the appointment of the auditor;
  • Ensure that the Board is promptly informed of any problems, issues or concerns raised by the auditor;
  • Perform an annual review of salaries of OSCA personnel and provide a recommendation for subsequent year compensation;
  • Develop the annual Budget;
  • As required, receive reports and advise the Board on related issues;
  • Perform such additional tasks as may be delegated to the Committee by the Board from time to time.
  • Advise the Board of major issues related to its mandate
  • Regularly review its Terms of Reference and make recommendations for changes to the Board

 

Membership and Voting

Membership in the committee is open to interested Board members, staff, volunteers and other Old Ottawa South community members. The Executive Director and Executive Assistant of OSCA are members of the committee. Ideally the committee has no more than ten and no fewer than five members, with at least one members from the Board.  The Treasurer will serve as Chair.

Membership is maintained through the committee’s email list.

Voting is conducted in accordance with OSCA’s by-laws.

 

Chair                          

The Chair of the committee is the Treasurer appointed by the Board. The Chair is responsible for organizing the meetings of the committee and reporting on the committee’s work to the Board. The Chair is also a member of the Executive Committee.

 

Frequency of Meetings and Manner of Call

Meetings will be held on a monthly basis. Meetings will be called through emails and the OSCA website.

 

Quorum

50% + 1

 

Reporting

The Chair of the committee, who is a member of the Board, will report to the Board every month.

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