CFA Society Toronto - Board


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Page 41 of 196

TERMS OF REFERENCE - FINANCE Updated 2015-August Mandate • The Finance Committee will provide financial oversight of the society, consistent with the best interests of our members, who provide the majority of the society's revenue through membership dues. • While all board members are responsible for providing financial oversight to the society, this committee structure enables greater specialization and focus of board member time. • Key responsibilities of the committee: o Develop and draft financial policies and procedures for board approval o Oversee the annual budget process – committee chair (Treasurer) presents operating and capital budgets for board approval o Review interim financial statements and examine differences between budget and actual amounts. Provide summary of this analysis to the board • The existence and mandate of the Finance Committee reviewed by the board annually • The Finance Committee will provide reports of committee activities to the board on a minimum of a quarterly basis. Membership • Chaired by Treasurer • Treasurer must hold an accounting designation • A minimum of seven (7) and maximum of nine (9) members including the Treasurer • Included in members are two (2) ex-officio non-voting members – CEO or designate and accountant (staff or external) • A maximum of two (2) non ex-offico members (excluding CEO and Accounting Service designates) may not have an accounting designation • A member may hold a term of three (3) years with a maximum of three (3) consecutive terms, following which, at least one year must elapse before his or her re-joining the committee • Members must participate in a minimum of 2/3 official meetings each year • A majority of committee members must be present to constitute a quorum CFA Society Toronto Board Manual 2016 Page 40 of 194

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