Financial Governance working group

Financial Governance working group chair:  Treasurer

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