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3.01.12.1   Financial Oversight

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Intent

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The Board is responsible for ensuring the financial stability and viability of the Society. The effective acquisition, allocation and use of funds determine the extent to which the goals and objectives of the Society are achieved.

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Guidelines

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  • Board members are responsible for the overall financial health of the Society (Note:  SSO is responsible for the financial management of the Society)

  • The Board develops financial policies that define its role in the financial management functions of the Society

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Procedures

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  • The Board is responsible for securing adequate financial resources for the Society

  • The Board is responsible for reviewing and approving the annual operating and capital budgets

  • Where anticipated overall expenses exceed the annual budget, the SSO must bring this matter to the attention of the Board for discussion and resolution

  • The Board ensures the development of financial management and internal control systems

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  Cross-reference guide:

 

  • Bylaws – Sections 6.01, 14.08 & 16

  • Capital Fund Development Policy

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