TERMS OF REFERENCE
The Finance Committee shall:
- advise the Board of Trustees on financial matters affecting the College including long-range operating and capital financial plans, the annual operating and capital budget, and extraordinary capital or operating expenditures;
- monitor actual revenue and expenditures against budget during the fiscal year;
- review the financial management procedures within the College; and
- provide advice to the Provost, the Bursar and the Board, as needed, about financially related matters.
The Audit Committee shall:
- review the results of the audit with the College’s auditors; and
- recommend audited financial statements to the Board for approval.
MEMBERSHIP: 11 members:
- 4 members ex officio: The Provost, the Bursar, the Chair of the Board of Trustees and the Chair of the Committee on Investments or his/her representative
- Up to 6 members-at-large, 2 of whom to be members of the Board of Trustees
- 1 Fellow (as defined by the Statutes)
- 1 student member
- 1 staff member
After reasonable efforts have been made to obtain a qualified volunteer to fill any of the constituency positions and no one has indicated an interest to serve, the Board shall have discretion to fill that vacancy.
MEMBERSHIP OF THE AUDIT COMMITTEE: All members of the Finance Committee other than the Provost, the Bursar and other persons who are employees of the College.
TERM OF OFFICE (both Committees): Members-at-large serve for a three-year term, once renewable, to a maximum of six years.
THE CHAIR (both Committees): The Chair of the Finance Committee shall be a member of the Board of Trustees and shall be appointed by the Board of Trustees on the recommendation of the Committee on Nominations. The Chair of the Finance Committee shall be the Chair of the Audit Committee.
FREQUENCY (Finance Committee): At least four times per year, and such additional meetings as the Chair shall consider appropriate.
FREQUENCY (Audit Committee): At least once per year, and such additional meetings as the Chair shall consider appropriate.
QUORUM (both committees): The majority of the members eligible to vote.
MINUTES (both committees): Minutes are prepared and retained by the College Secretary; copies are distributed to the members and to the Auditors. The Minutes are posted on the four College bulletin boards.
Approved by the Board of Trustees, October 24, 1996, with further amendments, December 5, 1996; September 28, 2000; May 27, 2004; April 19, 2007