EXAMPLE - Below is FinCom example
FinCom Proposed Terms of Reference
Under review by the Board
Committee Name
The Finance Committee (FinCom) provides financial services to the co-operative, and is answerable to the Board of Down To Earth (Victoria) Cooperative Society Limited (DTE).
Functions
- Preparation and ensuring accuracy of DTE financial documents
- Advising and supporting volunteers in the acquittal of their funding.
- Responding to requests for information from The Board and all Standing Committees and Working Groups concerning their financial transactions.
- Reviewing matters concerning the financial affairs of DTE.
- Liaising with the auditor, the accountant and the bookkeeper concerning DTE financial transactions
- Paying DTE expenses for bookkeeping, accounting, secretarial and auditing services.
Authority
The Finance Committee (FinCom) exercises its authority as a committee of the Board of Down To Earth (Victoria) Cooperative Society Limited (DTE).
Membership
Ongoing membership of FCM is dependent on compliance with FCM Code of Conduct
Membership of Fincom is open to all DTE members and volunteers who agree to operate according to guidelines set, and observe the signed FinCom confidentiality agreement.
Meeting arrangements
- FinCom meets online each Wednesday at 11:00am or otherwise by agreement of FinCom members.
- Three FinCom members constitute a quorum.
- Minutes are taken and stored in the Crew Meetings doc. Agenda can also be found here.
- FinCom members may add agenda items in the Crew Meeting doc. Non-FinCom members wanting a matter addressed should write to FinCom at This email address is being protected from spambots. You need JavaScript enabled to view it.
- Between meetings, members may communicate via the FinCom Messenger group.
Reporting
FinCom provides data to the bookkeeper, who keeps the co-op’s accounts, from which the annual financial reports are prepared by the auditor.
FinCom also responds to requests for reports where possible.
Resources and budget
- FinCom is funded through General Meeting appropriations
- Assistance is sought from members and volunteers of DTE
Deliverables
Describe the requested/required committee output
- FinCom provides the bookkeeper with systematically named, categorised tax invoices for DTE financial transactions for upload to accounting software
- FinCom pays DTE expenses for bookkeeping, accounting, secretarial and auditing services.
- Reports where possible