FINANCE COMMITTEE

Version from 16:48, 18 Oct 2016

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As a subcommittee of the Planning and Resources Committee, the Finance Committee operates through the authority of and reports to the President through the chairperson of the­­­­ Planning and Resources Committee.  Recommendations from the committee are submitted through the chairperson of the Planning and Resources Committee to the President for action.

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The Finance Committee gives recommendations to the PRC, which advises the President on matters relating to fiscal management of the College.

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The members of the Finance Committee are:

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1. Faculty and Staff Representatives

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The members of the Finance Committee are appointed faculty or staff from different divisions/departments and from each campus. Each campus shall have at least one representative.

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At the beginning of the academic year, the various divisions/departments appoint Faculty/Staff representatives.

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1. Student Representatives

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The Student Body Association appoints at least two student representatives.

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·               Regularly prepare for and attend committee meetings;

·               Actively participate in meetings; and

·               Share information on committee discussions, recommendations and decisions with and gather input from their area of representation.

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The Comptroller chairs the Finance Committee.  The chairperson’s responsibilities are to:

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The state campus accountant serves as the secretary.  The responsibilities of the secretary are to:

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·               Distribute and post the minutes in a timely manner; and

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Meetings are held monthly.  The schedule is determined at the beginning of each academic term.  The chairperson may call special meetings or upon consent of the majority of the members reschedule the regular meetings.  Meetings may be held face-to-face or via teleconferences or other communication technologies.  A minimum of five members must be present to constitute a quorum. A quorum must include at least one officer.  Members can vote electronically or during the meetings. Absent members may send a proxy to represent their views and vote.

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·               Address issues and matters relating to fiscal administration;:

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·   Recommend use of fund balance and excess revenue; and

·   Act on other fiscal matters as referred by the College community.

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All meetings are to have minutes which are to be distributed electronically within three working days of the meeting to members for their review.  Members are to comment within the next three working days.  The minutes are officially adopted at the next meeting.  The Business Office then distributes the official minutes to all committee members and to the President.  The Business Office maintains a file on official Finance Committee minutes.

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Following each meeting, the chairperson informs all concerned of decisions or forwards recommendations from the committee to the President through the chairperson of the Planning and Resources Committee.  The chairperson also updates the members of the action taken on the committee’s recommendations.

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H.        Representation by Proxy

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The college is actively working to improve its technical capacity to allow remote participation of members of the committee.  Until that is achieved, remote members of the committee may select a proxy to act in their stead.  Proxies must be regular employees of the college and reside on the island where the meeting is held.  Committee members may not serve as a proxy.

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Responsibilities of proxies are to:

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·      Attend committee meetings and perform the functions of a member in his/her absence;

·      Communicate regularly with the committee member to clarify the member’s view on issues and provide post-meeting feedback; and

·      Vote on behalf of the member.

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When a proxy misses three meetings, the chairperson informs the committee member.  A new proxy may be selected.  When the committee member is able to attend a meeting, the member attends and keeps the proxy advised of the activities at that meeting (reversing the roles).

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(Cabinet – 2/18/08)

Current version

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The Finance Committee operates through the authority of and reports to the President. The recommendations from the committee are submitted through the Vice President for Administrative Services (VPAS) for approval bythe President.

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The Finance Committeemakes recommendations to the President through the VPASon matters relating to fiscal management of the College.

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The members of the Finance Committee are selected at the beginning of each academic year and must include:

·               At least one representative from each state campus

·               At least one faculty representative from the National Campus

·               At least one staff representative from the National Campus

·               At least one Student Body Association representative

·               Ex-Officio member: College Comptroller

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The Finance Committee will elect members to be chair, vice-chair and secretary. Membership must be kept to a maximum of twenty.

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Responsibilities of the committee members are to:

·         Carry out assignments.

·         Regularly prepare for and attend committee meetings.

·         Actively participate in meetings.

·         Share information on committee discussions, recommendations, and decisions within the COM-FSM and gather input from their area of representation.

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The elected chairperson leads the Finance Committee.  The chairperson’s responsibilities are to:

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·               Prepare and distribute the agenda at least 24 hours prior to each meeting; and

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·               Orient the incoming FC Chair about the committee functions, fiscal/budgetary policies and his/her duties/responsibilities as Chair. The length of training will depend upon their discretion.

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·               Arrange for the committee meeting venue, teleconferencing number, and PIN;

·               Preside over meetings in the absence of the chair; and

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A secretary is elected at the beginning of the academic year.  The responsibilities of the secretary are to:

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·               Distribute, and post the minutes of each meeting within three working days after the meeting; and

·               Record and report attendance of committee members to the Vice President for Administrative Services every three meetings.

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Meetings are held on the 4^th Monday every month; if this day is a holiday, it will be moved to the 3^rd Monday of the month.  The schedule is determined at the beginning of each academic term.  The chairperson may call special meetings or upon consent of the majority of the members reschedule the regular meetings.  Meetings may be held face-to-face or via teleconferences or other communication technologies.  A minimum of five members present constitutes a quorum. A quorum must include at least one officer.  Members can vote electronically or during the meetings. Absent members may send a proxy to represent their views and vote.

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·         Address issues and matters relating to fiscal administration;

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·         Act on other fiscal matters as referred by the College community;

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All meetings are to have minutes, which are to be distributed electronically within three working days of the meeting by the chairperson to members for their review.  Members are to comment within the next three working days.  The minutes are officially adopted at the next meeting. 

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Following each meeting, the chairperson informs all concerned of decisions or forwards recommendations from the committee to the President either through the VPAS/VPIEQA/directly to the President.  The chairperson also updates the members of the action taken on the committee’s recommendations.

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