Stephen Hunger, Finance Committee Chair
In 2020, the Board of Directors, following a Strategic Planning process, decided to establish a Finance Committee. The Committee was tasked by the Board with the following responsibilities:
- Develop, for approval by the Board, a reserves policy and keep this under regular review.
- Develop, for approval by the Board, an income generation plan.
- Develop, for approval by the Board, and monitor a longer-term financial strategy.
- To review periodically financial management procedures including payment approval process, reporting, policies and procedures.
The Committee plans to develop the reserves policy, income generation policy and longer financial strategy in 2021. The Committee does not deal with the day-to-day financial matters of the Society related to payments, bank accounts, budgets, new proposal budget approvals which are all in the scope of work of the Treasurer.