Finance Committee

Composition & Operations

• The committee shall be composed of no fewer than five members of the board, of which at least four are government appointed members. Membership may be increased at the discretion of the board. 
• The committee shall be chaired by a member who has a financial designation or relevant financial management expertise as selected annually by the members of the committee.
• The board will also ratify the appointment of the committee chair.
• Selkirk College resource persons to the committee shall consist of: president, vice president administration and finance, executive secretary to the vice president administration & finance, director of human resources, director of finance.
• The committee will meet at least four times per year. Additional meetings will be scheduled as necessary during budget deliberations and annual approval of the financial statements.
• Extraordinary meetings may be held at the discretion of the committee chair following consultation with the board chair.
• Members are requested to advise the committee of their inability to attend a meeting by contacting the office of the vice president administration and finance as early as possible.
• The majority of members of the committee will constitute a quorum.
• Committee members will be expected to attend all meetings, including extraordinary meetings.
• The Committee has the authority to call a meeting exclusively among its members.

Duties & Responsibilities

Recommendations will be made for board approval and/or delivery of reports to the board in the following areas:

• Annual operating and capital budgets.
• Annual audited financial statements.
• Investment portfolio of the Selkirk College Foundation Endowment.
• Policies related to financial management and asset protection.
• Responsible for overseeing of the college-wide risk management implementation.
• Responsible for overseeing of the management information systems.
• Provide information to the board on: significant financial planning, management and reporting issues and interim financial reports.

Accountability

• The committee shall report discussions to the board by maintaining meeting minutes and providing reports.
• The committee has the jurisdiction and responsibility to hold meetings without management as appropriate.
• The chair will be responsible to communicate with the board chair regarding any issues that may arise.
• The board chair will be responsible for keeping the president informed accordingly.
• The committee will be responsible to decide whether a committee member or supporting administrator is in a conflict of interest situation, if necessary, request that that person leave the meeting for the respective agenda item.

Committee Timetable

• The committee will establish an annual calendar for activities which will be shared with the board.