FINANCE COMMITTEE

TERMS OF REFERENCE

1. Authority

1.1. The Finance Committee is a Committee of the Board of the Arts Council. The Committee is authorised by the Council to undertake any activity within its terms of reference. It is authorised to seek any information it requires from any employee, and all employees are directed to co operate with any request made by the Committee.
1.2. The Committee requires to be adequately resourced and is authorised by the Council to obtain independent professional advice and to secure the attendance of non members with relevant experience and expertise if it considers this necessary.

2. Constitution and Membership

2.1. The Finance Committee will consist of a minimum of 3 members of the Council, of whom one will be appointed as Chairman. Members will be appointed by the Chairman and Vice Chairman of the Council, after consultation with the Chief Executive, and approved by the Council. Its members shall hold office for a period of time agreed by Council and be eligible for reappointment. Any member of the Finance Committee ceasing for any reason to be a member of the Council shall, ipso facto, cease to be a member of the Finance Committee and the vacancy shall be filled by the Council as soon as may be. Council members who are not members of the Finance Committee shall have the right of attendance.

3. Quorum

3.1. The quorum shall be 2 members of the Finance Committee, one of which will be its Chairman.

4. Role of the Finance Committee

4.1. to propose the annual budget of the Council for approval
4.2. to provide comprehensive financial advice to the Council
4.3. to review the detailed information relating to the budget and financial resources including the income and expenditure accounts, balance sheet, cash flow statements for both exchequer and lottery funding
4.4. to monitor financial expenditure against targets set through out the year and make recommendations as necessary.

5. Proceedings

5.1. The Committee should normally meet at least 4 times per year and may meet more often as business dictates.
5.2. The role and functions of the Finance Committee will be carried out in accordance with the Standing Orders of the Council and the terms of reference.
5.3. The agenda for each meeting of the Committee shall be agreed with the Chairman of the Committee and sent out at least seven days in advance to each member of the Committee and also to the Chief Executive. The Finance Manager, the Director of Corporate Services and the Chief Executive or a representative is entitled to be present along with a note taker.
5.4. The Committee may require any Council member, or officer of the Council, or professional advisor of the Council to provide it with such information as it may require.
5.5. The Committee may request any person, company or body with which the Council has dealings, or to whom the Council has (directly or indirectly) accorded assistance, to provide it with such information as it shall request. Should the Committee wish to seek advice or assistance from other bodies, this would require the agreement of the Council and the Chief Executive.

6. Reporting Procedures

6.1. The Chairman of the Committee should report verbally to Council at the following meeting and Finance Committee Minutes should be formally circulated to Council for noting in its Minutes.
6.2. The Committee will propose an annual budget which it will submit to the Council at its January meeting.