Committee: The Finance Committee (the "Committee") is established by and at all times responsible to The New Gallery's Board of Directors (the "Board").
Type: The Committee shall be a Standing Committee and shall exist at all times in accordance with these Terms of Reference as amended from time to time. The Committee functions as an active agent
General Purpose: To keep the Board abreast of the financial status of The New Gallery.
Key Duties: To prepare financial reports to be delivered at each board meeting. To develop a reporting strategy that emphasizes clarity and transparency. To oversee the gallery's financial status to insure accountability. To develop policies related to fund management. To develop the financial component of the board's long term strategic plan.
Membership: The committee's chairperson will be the organization's Treasurer. The finance committee is to be comprised of no less than the Treasurer and the Administrative Director. The latter stands on the finance committee as an Ex officio member. The committee may be expanded if deemed necessary.
Resources:
Reports and Target Dates: The Committee Chair prepares and provides a written report to the Board following any meeting of the Committee or at the request of the Board, summarizing the Committee's recent activities.
Specific Annual Objectives: To develop the financial component of the board's long term strategic plan. To prepare the year end financial report. The year end report and the long term strategic plan are each presented at the Annual general meeting. They must be completed two weeks prior to the meeting for review purposes.
Approval Date and Review Date: Adopted on January 28, 2009. Evaluation of the Committee will be performed by the Board on an ongoing basis.