Budget & Finance Committee
- Purpose: The purpose of the Budget and Finance Committee is to maintain the fiscal stability and long-term economic health of the Institute. The Committee oversees that financial planning for the Institute is supportive of and fully integrated with the long-range plans and mission of the Institute. The Committee provides oversight of fiscal management and guidance to those responsible for the Institute’s day-to-day operations.
- Review of charter. This charter shall be reviewed and reassessed by the Budget and Finance Committee at least annually, and any proposed changes shall be submitted to the Board of Trustees for approval.
- Membership/structure/quorum. The Budget and Finance Committee shall consist of five or more members appointed by and serving at the pleasure of the Chair of the Board. The Chair of the Budget and Finance Committee shall be appointed by the Chair of the Board. The Chair of the Board and the President shall be members ex officio of the Budget and Finance Committee. A quorum of any meeting of Budget and Finance Committee shall consist of a majority of its voting members.
- Staff designee. The Vice President for Finance and Operations and his/her designee shall serve as staff to the Committee.
- Meetings. Meetings will be held in conjunction with regularly scheduled meetings of the Board, or as deemed necessary by the Chair of the Committee.
- Agenda, minutes and reports. The Chair of the Committee, in collaboration with the staff designee, shall be responsible for establishing the agendas for meetings of the Committee. An agenda, together with relevant materials, shall be sent to the Committee members in advance of each meeting. Minutes for all meetings shall be prepared in draft form by the staff designee and reviewed by the Chair, and shall be approved by the Committee members at the following meeting. The minutes shall be distributed periodically to the full Board of Trustees. The Committee shall make regular reports to the Board of Trustees.
Authority and responsibilities: The Committee shall keep itself fully informed concerning the budgetary and fiscal affairs of the Institute. The Committee shall review the proposed operating and capital budgets for the ensuing fiscal year to ascertain that they are fiscally sound and supportive of the approved strategic plan and priorities of the Institute. The Committee is responsible for recommending budget parameters to the Corporation for its consideration and approval at its annual Winter meeting and for approval of the final operating & capital budgets at the Spring meeting. Regarding the above, the Committee’s primary responsibilities are as follows:
- Regularly monitor the Institute’s overall financial operations;
- Oversee annual and long-range operating and capital budgets;
- Ascertain that a viable long-range integrated financial plan is in place;
- The Budget and Finance Committee and the Academic Planning Committee shall each appoint a member to serve as liaison to the other committee to ascertain that the academic budget reflects the Institute’s priorities;
- The Budget and Finance Committee and the Facilities and Campus Infrastructure Committee shall each appoint a member to serve as liaison to the other committee to ascertain that the annual operating and capital budgets are integrated;
- Annually review financial performance against plan;
- Oversee that timely and accurate financial information is presented to the Board;
- Communicate with and educate the Board on the Institute’s financial condition;
- Establish a debt policy for recommendation to the Board;
- Review plans for additional debt and make recommendations on such to the Board for its approval;
- In coordination with the Audit Committee, ascertain that accurate and complete financial records are maintained;
- Review and approve the operating impact and financial plan for all capital projects approved by the Facilities and Campus Infrastructure Committee that are in excess of $500,000;
- Work with staff designee to oversee that internal reporting practices meet the Committee’s need and expectations; and
- Conduct an annual self-evaluation of the performance of the Committee and the effectiveness and compliance with this charter.
Approved by the Budget and Finance Committee May 18, 2007
Approved by the Board of Trustees May 18, 2007