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IARSA

Standing committee

Finance Committee

A standing committee of the Board, advising on income and expenditure and providing financial oversight of the association.

The Finance Committee is a standing committee of the Board, tasked with advising it on the management of the association's research, publications, income and expenditure.

As a committee of the Board it reports on a number of matters for which it has primary responsibility, and its role is primarily to provide financial oversight. Typical tasks are budgeting and financial planning, financial reporting, and the creation and monitoring of internal controls and accountability policies.

Primary responsibilities

  • Ensuring the association's accountability for the proper use of its funds
  • Supervising the financial position of the association
  • Reviewing budgets and strategy, and recommending fundraising plans to ensure adequate funding for operations
  • Reviewing and recommending lending and borrowing practices
  • Reviewing financial activity and advising the Council of any concerns with financial stability
  • Assisting in the day-to-day financial workings of the association

Budgeting and financial planning

  • Develop an annual operating budget with the secretariat, and approve it within the committee
  • Monitor adherence to the budget
  • Set long-range financial goals along with funding strategies to achieve them
  • Develop multi-year operating budgets that integrate strategic plan objectives and initiatives
  • Review and recommend to the Board the annual budget and the business plan proposed by the President
  • Authorize acceptable accounting and disbursement procedures for all funds under the association's jurisdiction
  • Present all financial goals and proposals to the Board of Directors for approval

Reporting

  • Develop useful and readable report formats with the secretariat
  • Agree a list of desired reports, noting level of detail, frequency, deadlines and recipients
  • Work with the secretariat to understand the implications of those reports
  • Present the financial reports to the full Governing Council

Internal controls and accountability

  • Create, approve and update policies that help ensure the assets of the association are protected
  • Ensure policies and procedures for financial transactions are documented in a manual, reviewed annually and updated as necessary
  • Ensure approved financial policies and procedures are being followed

Membership

Appointed members remain on the committee for up to three consecutive years and are eligible for re-appointment for a second or further period not exceeding three years, provided that no person is normally re-appointed who has completed six consecutive years of membership until at least one year has elapsed.

Terms of reference approved by the Board, 31 March 2023.