Finance Committee

Finance Committee shall be a committee of the Board of Trustees.

Membership:

Three Sabbatical Officers
Two Student Trustees appointed by the Board of Trustees.
One External Trustee appointed by the Board of Trustees.

In attendance:

Chief Executive
Director of Finance
Other staff members proposed by the Chief Executive and agreed by the Chair.
Any Members who wish to attend as observers.

The Chair of the Finance Committee shall be a Sabbatical Officer.

Remit:

The Committee considers strategic options for, and the overall general management of, the Union’s finances, including setting annual budgets, key performance objectives, and monitoring the financial performance of the organisation ensuring that resources are utilised efficiently and effectively to deliver the strategic plan in line with the delegated authority of the Board.

The Finance Committee shall:

Consider and recommend, to the Board of Trustees, the annual income and expenditure budget for the coming year.
Consider and report on statements of actual income and expenditure throughout the year and projected outturn against annual budget and to receive reports on any significant variances. Agree any actions necessary to improve the Union’s financial performance.
Review and scrutinise the Annual Financial Statements & Post-Audit Management Report.
Review quarterly reports on financial performance including management accounts and forecasts and consider any resulting decisions.
Recommend the 3-year financial forecast annually supporting the strategic plan.
Recommend the 3-year capital budget annually.
Consider and take action where appropriate on the Union’s long and short term investments, policy relating to the Union’s insurances and arrangements for short-term and long-term borrowing.
Consider the financial implications of any major capital projects in line with the delegated authority of the Board and regularly report to the Board of Trustees on these projects.
Consider the Union’s banking arrangements.
Consider the Union’s insurance matters.
Consider the approval of orders, contracts and financial commitments within the limits in line with the delegated authority of the Board.
Scrutinise contractual relationships with external organisation carrying financial impact for the Union.
Consider and recommend to the Board of Trustees, the Union’s Reserves Policy, Depreciation Policy and Financial Procedures.
When necessary, review Union Policies with financial considerations.
Consider policies, reports, recommendations and requests of referenda, Union Executive and Policy Zones and make recommendations on their financial implications.
Report to the Board of Trustees and Union Executive, through submission of the minutes for each meeting of the Committee. Approved minutes shall be published on the Union’s website.

Quorum of the Finance Committees shall be 50% of the membership.

Frequency of Meetings: At least once per term

Chair: Shaban Chaudhary, Education Officer