Financial Governance Working Group

Chair:  Treasurer – Jeremy Huntley (treasurer@ecolsoc.org.au)

Purpose:

The overall Financial Governance Working Group objectives are:

• With input from the Board, develop an annual budget for the Board’s endorsement, including consideration of individual budget requests

• Monitor expenditures and receipts against that budget and recommend to the Board within-year adjustments to the budget with an aim to deliver ‘not-for-loss’ overall performance

• Recommend to the Board annual adjustments to membership fees.

• Seek to identify and enhance financial management practices and process of the organisation

• Seek to identify new cost-savings and revenue-raising measures for the organisation

• Perform bank account signatory responsibilities on behalf of the Board (for operating and investment accounts)

• Monitor the performance of invested monies and develop processes and recommendations for changing investment vehicles when necessary

• Monitor the performance of contracted-services and recommend to the Board changes in service providers where necessary, including insurance and banking institutions.

• Monitor compliance of Public Fund and other statutory financial responsibilities (e.g. timing of BAS and Superannuation payments)

• Coordinate the annual audit and implement audit recommendations

• Administer the financial management of the Holsworth Wildlife Research Endowment Fund

• Seek to develop strategic sponsorship and service partnerships with external agencies and organisations to enable delivery of broader services to membership.

• Ensure alignment and communications with the Fundraising and Sponsorship Working Group

• Maintain financial governance policies and documentation

• Undertake succession planning for the role of Treasurer

Detailed terms of reference