Finance & General Purposes Committee

Terms of Reference

MEMBERSHIP

The Finance & General Purposes Committee comprises 4 members, including the Principal. Membership of the Committee is reviewed annually.

EXTENT OF POWERS OF THE COMMITTEE

This Committee operates in an advisory capacity.  A report on discussions is presented by the Chair of the Committee to the full Board and any recommendations made by the Committee can only be implemented following full Board approval.

DUTIES

The Committee will:

1. oversee the College’s financial activities; (amended 3 October, 1997)

2. monitor the effective and efficient use of resources.

3. oversee related issues especially Premises Contracts, commercial activities.        
(updated 15 October 1993)

4. make recommendations to the Board of Governors on :

  • annual estimates of income and expenditure
  • major variations of expenditure
  • capital expenditure requirements including loans
  • the College’s accommodation strategy

5. review arrangements for securing value for money, solvency and safeguarding of assets, including Estates Contracts and income generation;

6. monitor virement between Budget heads; (amended 22 November 2010)

7. approve capital expenditure within the approved programme and monitoring capital projects;

8. determine the College’s investment and borrowing policies;

9. monitor the work of the College solicitor and other professional consultants, including Terms and Fees; (amended 3 October, 1997)

10. monitor Health & Safety; (updated 3 October, 1997)

11. report to the Corporation on the work of the Committee.

QUORUM

At least 3 members must be present to constitute a quorum, the majority of whom must not be members of staff.

APPOINTMENT OF CHAIR

The Committee Chair shall be appointed annually, at the first meeting of the Committee after 1 April.

FREQUENCY OF MEETINGS

The Committee shall normally meet three times per year although additional meetings can be convened, as necessary.

ATTENDANCE AT MEETINGS

The designated member of staff in attendance at the meeting is the Assistant Principal (Finance)

REVIEW OF TERMS OF REFERENCE

The Terms of Reference for this Committee shall be reviewed every 4 years at the first meeting of the academic year.