Board of Governors
Finance & Audit Standing Committee

Purpose

A standing Committee of the Board of Governors, the Board Finance Committee is responsible for monitoring significant financial planning, managing and reporting matters of the College, and making recommendations to the Board of Governors for adoption.

Duties & Responsibilities

  • To review and recommend approval of the financial information that will be provided to Government and other stakeholders and ensure that this information accurately represents the business activities of the organization;
  • To review the College’s Financial Statements, annual operating budget and capital budget, and ancillary budgets;
  • To review and recommend approval of the systems of risk management and the internal controls established by management;
  • To review proposals received in the Audit Tendering Process.
  • To recommend the appointment and compensation of the external auditor.
    • The external auditors shall be engaged by the Board, not by management and shall report to the Finance and Audit Committee. From time to time, the committee may meet with the external auditors without management present. Any work to be performed by the external auditors in addition to audit duties shall be pre-approved by the Board on the recommendation of the Finance and Audit Committee.
  • To ensure support of College and Board objectives as defined by the Strategic Plan;
  • To review investment strategies of the College and ensure compliance with the College & Institutes Act;
  • To annually review and recommend to the Board any changes in tuition and mandatory fees and ensure compliance with any government imposed requirements.

Recommendations of the Committee shall be directed to the Board for consideration and approval. Implementation and administration of approved recommendations shall be at the direction of the President and Vice-President (Finance).
January 2015

Membership

The membership of the Finance and Audit Committee shall consist of:

  • At least three (3) Board members, which may include the Board Chair;
  • The Vice President, Finance (non-voting);
  • President (ex-officio)

The Chair of the Finance and Audit Committee shall be appointed by the Board Chair. Committee members shall be financially literate and at least one member should have an accounting designation or relevant financial management expertise.

Accountability

  • The committee shall meet at least 6 times per year, and as required.
  • The committee shall maintain appropriate minutes.
  • The committee shall report regularly to the Board on the status of committee activities on an ongoing basis.
  • A quorum shall require two Finance Committee members appointed by the Board.
  • Other resource persons may be invited as required.
  • The Executive Assistant to the President/CEO shall be secretary to the Committee.