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Finance Committee

Membership
The Finance Committee will be comprised of at least one member of the Board of Directors, the Treasurer, and two external members of Taekwondo Manitoba. The Secretary will serve as resource to the committee. The members of the Finance Committee will be appointed by the Board. Committee members must have a basic level of financial literacy and accounting or related financial management expertise.

Objectives

  1. To assist the Board of Directors by ensuring that the financial information presented to the Board and membership accurately reflects Taekwondo Manitoba’s financial position and results of operations.
  2. To liaison with independent auditors, and any external organization to whom financial reporting may be required.

Duties

  1. To recommend the appointment of the auditors.
  2. To meet with the auditor to discuss:
    1. The plans for the ensuing audit, identifying areas requiring special attention.
    2. The draft financial statements proposed for the annual report, including any notes or qualifying statements to the financial statements.
    3. The changes in accounting treatment and policies from previous years.
    4. The changes recommended in the scope of the audit for the following years.
  3. To seek clarification of matters that may be controversial in the auditor’s report with the Board of Directors.
  4. To assist with the preparation and presentation of the annual budget to the Board.

Expectations

  • The committee shall meet no less than 4 times per year, no later than 30 days following the end of any quarter of the fiscal year.
  • Members of the committee are expected to attend all meetings of the committee.
  • Meetings may be held by conference call as needed.

Accountabilities
The Finance Committee shall report the following to the Board of Directors in writing at the first board meeting of the year.

  • Dates of meetings and committee member attendance
  • Summary of financial policy recommendations for the year
  • Summary of monitoring of financial limitations policies

The Board of Directors and the committee shall confirm or renegotiate the committee/board relationship annually.

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