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Finance Committee Papers

Finance Committee Papers

Terms of Reference

 

1. Objective

The Finance Committee is a Principal Committee of the Board of the College, responsible for all matters relating to the financial affairs of the College encompassing the areas of strategic financial planning, resource management, financial monitoring and policy related issues and to provide timely advice to Board on areas within its remit.

 

2. Membership of the Committee

2.1 The Committee, which shall be appointed by the Board, shall comprise the following membership as defined in the Statutes

Elected Board member

Vice-Provost

A Faculty Dean

President of the Students’ Union

Chief Operating Officer

External member with relevant financial expertise

2.2 The Chairperson of the Committee shall be the Provost.

2.3 The ordinary members shall be elected by Board annually in Trinity Term; they shall hold office for one year and shall be eligible for re-election.

2.4 If no casual vacancy has arisen and been filled during the course of the year, Board shall not re-elect more than three of the outgoing members.

2.5 The co-opted members may be co-opted from time to time by the Finance Committee. Such co-options shall be reported to Board. Co-opted members shall be members of the Committee until the end of the academic year in which they were co-opted and shall be eligible for further co-option.

 

3.  Meetings and Quorum

3.1 The Committee shall meet quarterly throughout the year, or more frequently if the business requiring its attention should so dictate.

3.2 Joint formal meetings with other Principal Committees of Board may be convened as business requires.

3.3 The Treasurer shall act as secretary to the Committee and be responsible for the preparation and distribution of the agenda, papers, minutes and reports following consultation with the Chairperson of the Committee.

3.4 An agenda and papers will normally be circulated one week in advance of each meeting.  The Agenda items will be classified as follows:

3.5 Meetings require a quorum of 6 (50% of the members plus one).

3.6 The Committee may also invite other people to attend meeting(s) of the Committee, as it may from time to time consider desirable, to assist the Committee in achieving its objectives.

3.7 The draft minutes of the Finance Committee shall be circulated to the Board as soon as possible for noting and/or discussion as necessary. Items, if any, of concern to Board will be noted in the minutes.

3.8 The Provost, the Bursar and other Board representative(s) on the Committee shall be available to report to the Board on key aspects of the proceedings of the Committee as required.

3.9 In order to aid its operation the Finance Committee may establish advisory groups from the user communities and may arrange for subgroups to consider specialist issues and bring forward recommendations to the Committee.

 

4. Duties

The main functions of the Finance Committee are:

4.1 Policy

  1. Develop and review policies relating to the financial management of the College and oversee their implementation
  2. Review financial policy issues in the context of legislative and regulatory requirements

4.2 Oversight and Advisory

  1. Monitor the College’s Financial Strategy arising from the College’s Strategic Plan.
  2. Monitor and oversee the efficient use of the College’s resources through the Board approved Resource Planning Model.
  3. Undertake regular reviews of financial reporting/performance including oversight and consideration of the financial reports/performance of subsidiary companies; joint ventures; Trinity Research Institutes; ancillary activities as appropriate and advise the Board on appropriate actions.
  4. Receive quarterly and annual reports from the Treasurer.
  5. Receive reports and report to Board on internal financial controls to ensure that financial risk management is addressed on an ongoing basis.
  6. Oversee compliance with the financial elements of the Code of Governance of Irish Universities through the use of financial processes, procedures and controls.
  7. To advise Board on the financial aspects of the acquisition, disposal and retirement of assets of the College or its subsidiaries above a value of €3m (in conjunction with the Estates Committee).
  8. To advise Board on the financial aspects of capital projects the total value of which will exceed €3m (in conjunction with the Estates Committee).
  9. Monitor the activities of sub-committees through consideration of both minutes and annual reports and recommendations contained therein.
  10. Monitor the effective application of strategic risk management in the management of the College’s finances through reports from responsible officers.
  11. Review expenditure on all major development projects from their inception to the settlement of final accounts in the context of the approved briefs, budgets and programmes (in conjunction with the Estates Committee as appropriate)
  12. The Committee shall receive briefing on relevant legislative and regulatory issues and review arrangements to be established by the College for compliance with relevant legislative, regulatory and Board policies
  13. To include a schedule in the Terms of Reference detailing the College Policies applicable to the monitoring functions of the Committee

4.3 Authority

The Committee shall operate under delegated authority from the Board, which is ultimately responsible for all matters relating to property and financial affairs. The Finance Committee will have devolved authority to decide on behalf of Board on:

  1. Review and recommend an annual estimate/budget for approval by the Board
  2. Note the annual Financial Statements and Trust Funds as presented by the Treasurer for Board and submit them to the Audit Committee for review, recommendation and approval by Board, within the timescale set out by the Statutes
  3. To approve the financial aspects of the acquisition, disposal and retirement of assets of the College or its subsidiaries less than a value of €3m (in conjunction with the Estates Committee as appropriate)
  4. To establish and approve terms of reference and membership for sub-committees/groups as may be required to advise on activities relating to the College’s finances
  5. The Committee may consider/review any matter falling within its terms of reference, calling on whatever resources and information it considers necessary to do so
  6. The Committee is authorised to seek any reasonable information it requires from any employee of the College or associated body to enable it discharge its responsibilities and shall have made available to it on a timely basis all information requested from any employee in a clear, concise and well organised manner
  7. The Finance Committee shall carry out such other functions and take such other decisions as may be delegated to it from time to time by the Board

 

5. Performance Evaluation

The Committee shall, at least once a year, review its own performance and its terms of reference and shall report its conclusions and recommend any changes it considers necessary to the Board

 

Finance Committee - Schedule of Sub Committees etc.

Investment Committee

 

College Policies relating to Finance Committee

Financial Guidelines and Policies are available at the following web link:
https://www.tcd.ie/Treasurers_Office/financemanual/index.php

However, some of the most regularly used guidelines are listed below:

  • Preferred Suppliers List:

 http://www.tcd.ie/procurement/supplierPreferred.php

  • Supplier Invoice Regulations:

http://www.tcd.ie/Treasurers_Office/acpayable/acp_invoiceregs.php

  • Reimbursement Guidelines:

http://www.tcd.ie/Treasurers_Office/acpayable/acp_reimbursements.php

  • Guidelines on Managing Research Grants and Contracts:

https://www.tcd.ie/Treasurers_Office/docs/GuideFinMgtResearchGrantsContracts.pdf

  • College Tax Reference Numbers:

http://www.tcd.ie/Treasurers_Office/tax/tax_refnos.php

 

Contact: dunnet@tcd.ieLast updated: Mar 02 2012.