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► Document C: Terms of Reference and Membership
FINANCE COMMITTEE OF COUNCIL
TERMS OF REFERENCE AND MEMBERSHIP
Title and Status
1. There shall be a Finance Committee of Council, appointed in accordance with Section XXIV of the Statutes, which shall exercise any powers delegated by the Council and render appropriate reports.
Terms of Reference
2. The powers of the Committee shall be subject to any specific powers of the Development Committee, include:
(a) The government, management and regulation of the finances of the University including:
I. demanding and receiving fees;
ii. investment of funds including trustee funds gifts and bequests;
iii. borrowing of funds or mortgaging of property within any limits from time to time prescribed by the Council;
iv. institution of fellowships, studentships, bursaries, etc on the recommendation of the Senate;
v. guarantees to Building Societies.
(b) The organisation and management of superannuation arrangements, and the provision of funds fro welfare of student s and staff.
(c) The making of regulations appropriate to these powers and of rules for the procedure at meetings.
3. The Committee shall exercise its powers within the limits of annual estimates recommended to and approved by Council, and other limits which council may prescribe.
4. The Committee shall also have responsibility for the following financial controls in relation to the Students’’ Guild:
(a) the approval of all financial estimates;
(b) the authorisation of all expenditure exceeding £5000;
(c) the authorisation of the borrowing of any money by the Guild;
(d) the recommendation annually to the University Council of the allocation of funds to the Guild;
(e) the approval of the Guild Budget annually and the receipt of reports in the second and third terms of income and expenditure to date;
(f) the receipt of audited accounts within six months of the end of each financial year;
(g) the approval of contracts and agreements;
(h) the authorisation of expenditure for the appointment of staff.
Membership
5. The following shall be members ex-officio:
The Chancellor
The Pro-Chancellor
The Treasurer
The Vice-Chancellor
The Secretary of the University in attendance
6. Nine other members shall be appointed by Council and shall include a representative of the academic staff from each School and a student of the University who has been formally appointed to be in attendance at Council.
Chairman and Vice-Chairman
7. The Treasurer shall be the Chairman of the Committee. The Vice-Chairman shall be elected from the members appointed by the Council and shall hold office for the term of his membership of the Committee.
Term of Office
8. The term of office of appointed members shall be three years or, if members of Council or students formally in attendance at Council and shall hold office for the term of his/her membership of the Committee.
9. Members ex-officio shall be members of the Committee so long as they hold the appropriate office.
Secretary
10. The Director of Finance and Business Services shall be Secretary to the Committee.
Meetings
11. The Committee shall hold ordinary meetings not less than three times a year.
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