Terms of Reference

 Finance Committee

1. Mandate

This is a standing committee of CARO. It serves in an advisory capacity to the Board of Directors in regards to budget, investment and other financial aspects of the organization.

2. Objectives

• To develop a budget on an annual basis
• To ensure accurate monitoring and accountability for funds
• To submit all appropriate documentation to external providers (bookkeeper, accountant) or to Agencies (Canada Customs and Revenue Agency) as required
• To present quarterly financial reports to the Board and an Annual Report (audited financial statements):
• Statements of Financial Position;
• Revenue, Expenses and Net Assets;
• Statement of Cash Flows) prior to the Annual General Meeting
• Large capital expenditures (greater than $10,000) by the Organization are to be pre-approved by the Committee
• To provide financial advisement and financial risk management to the Board
• To review and revise association Investment Policy
• To present the financial position to the Membership at the Annual General Meeting
• To propose to the Membership the annual reappointment of CARO-ACRO auditors

   3.   Membership

• The current secretary/treasurer
• The previous secretary/treasurer
• Two other members, one of whom will be a regional Director from the Board

   4.   Term of Office

The term of office of members is three years, following which they may be reappointed for one additional successive term. Efforts will be made to stagger terms of Committee members.

   5.   Reporting Relationships

The Finance Committee reports to the Board of CARO. The Committee will provide written reports and presentations to the Board and will provide a report and presentation to the membership at the Annual General Meeting.

   6.    Liaisons

The Finance Committee will liaise with the Corporate Liaison Officer, Director of Education, and the Executive Secretary.

   7.   Meetings

The Committee will meet at the time of the Annual General Meeting of CARO. The Committee will conduct quarterly teleconference or electronic communication. A quorum shall be a majority of the members then in office.

   8.   Financial Arrangements

No Committee member shall be remunerated for being or acting as a committee member. CARO will provide support towards Committee meetings held at the Annual General Meeting or in support of the quarterly communications. CARO will also provide support to CARO representatives traveling on approved business that is not otherwise supported.

   9.   By-Laws