Finance and Reporting Committee Terms of Reference

Mandate

The Finance and Reporting Committee shall act as the commission for all matters relating to finance, reports, budgeting, banking, management of money, and donations of CARA/ACAAR activities and assist the board in fulfilling the financial responsibilities of CARA/ACAAR.

Responsibilities

The Finance and Reporting Committee shall:

  • Consulting and determining the annual CARA/ACAAR budget taking into consideration the current economic environment, the CARA Strategic Plan, and previous year’s budgets and surplus/deficit
  • Overseeing and approving all finances
  • Oversee financial risk management
  • Create and oversee unaudited financial reports

Budget

  • Create and evaluate the yearly budget based on previous years, incoming revenues, organizational trends and economic climate.
  • Monitor adherence to the budget
  • Set long-term financial goals and strategies to achieve them
  • Approve the budget within the committee and then present to board for approval

Financial Sustainability

The committee should provide oversight and review and to make recommendations to the board on the financial sustainability of CARA/ACAAR through:

  • The planning and performance to management with respect to improving financial sustainability
  • Opportunities to increase revenues- including grants, donations, tax deductions….
  • Opportunities to decrease expenses through cuts or improved efficiencies
  • Identification of financial risks through trends and budgeting
     

Composition and Appointment

Composed of the secretary-treasurer of CARA/ACAAR