Standing Committee on Finance and Audit

Terms of Reference

The Standing Committee on Finance is a committee of the CARL Board of Directors. It has the primary role to assist the Board in fulfilling its oversight responsibilities over the financial affairs of the Association, and to ensure the establishment of sound financial policies and practices. These practices will lead to the long term financial sustainability of the Association.

Duties and Responsibilities


  • To ensure that adequate financial records of the association are being maintained;
  • Review and recommend policies and actions to the Board that enhance the Association’s financial position or financial performance, in areas such a cost control or revenue generation;
  • To assist the Board in fulfilling its oversight responsibilities regarding the audit of the organization's books and records;
  • To recommend to the Board financial policies for the Association including, but not limited to, long-term financial policy, long-term investment policy, and changes in annual membership dues; and
  • To report to the Board on the financial aspects of the Association;

Membership

The Committee Chair shall be the Treasurer. The Board of Directors shall appoint two other members of the Board to serve on the committee.

Members shall normally be appointed for a two-year term in such a wat that the terms are staggered.

The Executive Director shall be a permanent non-voting member of the committee.

Rev. February 28, 2011