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the finance committee
The Finance Committee
Although there is no requirement to do so, most governing bodies establish committees to have a particular responsibility for financial matters. In many cases, particularly in the post 1992 institutions, such committees also have responsibilities for employment and HR matters.
Typically finance committees are responsible for:
- A detailed review of the draft budget before it is recommended to the governing body and annual operating plans;
- Regular monitoring of management accounts and other financial indicators;
- Scrutiny in detail of the annual accounts / financial statements;
- Oversight and monitoring of major capital projects;
- Approving financial regulations and procedures and other financial controls
- Monitoring the student union accounts and financial reports; and
- Monitoring and advising on investments and any trading activities.
The funding councils do not permit members of an institution’s audit committee to serve concurrently on the finance committee.
Some pre 1992 universities have the post of lay Treasurer, who is usually ex officio chair of the finance committee.
More information [PDF, 61Kb]
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