Open Call for CFMS Finance Committee Applications (DEADLINE Nov. 6 2011)

The Canadian Federation of Medical Students is now seeking applications to fill three (3) positions on the 2011-2012 CFMS Finance Committee. The main responsibilities of the Officers of the Finance Committee areto help plan and oversee the annual budget, help manage assets, investments, and risk, and to review and draft policies as needed.

For the year ahead, two specific objectives of the Finance Committee will be to finalize its investment policy and to participate in a national consultation of member schools in order to propose a consistent and accepted approach to increasing membership fees.

Experience related to the management of finances, investments, or large-scale projects will be considered advantageous. Please direct all questions and applications by November 6th, 2011, to Jesse Kancir, CFMS VP Finance (finance@cfms.org). Applications should include a CV and a written statement of 250 words or less detailing relevant experience and motivation.

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CFMS Finance Committee – Terms of Reference Version 1

CFMS Finance Committee

TERMS OF REFERENCE

EXECUTIVE SUMMARY

As the national representative body of medical students in Canada, the Canadian Federation of Medical Students (CFMS) is responsible to its membership for ensuring financial stability, integrity, and transparency.

All Executive members share the legal and ethical responsibility of ensuring exclusive and effective use of all organizational assets. In some cases members can be held individually liable for debts of the organization in the event of non performance.

Fiscal responsibility ultimately lies with the Executive; however they can choose to delegate the role of analysis of financial management to a committee. The Finance Committee is responsible for helping the Executive assure the integrity and credibility of the organization’s financial statements and financial management.

Individuals sitting on the Committee must understand the structure, mission and strategic plan of the organization. Each member shall be obliged to exercise all the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances where dealing with the affairs and property of another person.

Terms of Reference are developed to specify the duties carried out by the Finance Committee and approved by the Executive and ratification by the CFMS Membership.

Responsibilities assigned to the Committee include:

1. 2. 3. 4.

Budget planning and oversight Asset and investment management Risk management and internal controls Policies review and recommendations

FINANCE COMMITTEE TERMS OF REFERENCE Definition

• The Finance Committee (The Committee) is a committee of the CFMS. Purpose

• Assist the Executive to fulfill its fiduciary and corporate governance responsibilities in relation to the organization’s financial reporting, application of accounting policies, financial management and investment functions, internal controls and risk management systems

• Monitor the accountability process and the quality of internal and external reporting

Canadian Federation of Medical Students

Fédération des étudiants et des étudiantes en médecine du CanadaCFMS Finance Committee – Terms of Reference Version 1

Composition

• The Vice President Finance of the Executive shall be the Committee Chair • Three or more appointed students from a CFMS member school, the majority of whom

should have experience in financial matters, shall form the rest of The Committee • Appointment, renewal, and termination of the members of the Committee shall be at the

discretion of the Executive, with ratification by the CFMS Membership • Assisting the Committee will be the following (non-voting) ex-officio members: • CFMS General Manager • The Accountant and/or Bookkeeper retained by the CFMS

Authority

The Committee is empowered to make such independent enquiry and investigation and require such information and explanation from the Executive as it considers reasonably necessary. The Committee has authority to engage external advisors where appropriate.

Duties and Responsibilities

Policy

• Review the organization’s policies and procedures and recommend changes to the Executive

• Review annually the Terms of Reference for the Committee and recommend changes to the Executive.

Budget Planning and Oversight

• Ensure processes are in place for the development of the annual budget • Review financial assumptions used to develop the annual budget • Monitor performance against the annual budget

Asset Management

• Ensure there are processes in place to manage the assets and investments of CFMS effectively and efficiently

• Review and make recommendations concerning tangible asset acquisitions

Internal Controls and Risk Management

• Oversee, review and provide recommendations on the quality and integrity of the Executive internal control systems

• Assure risk management processes are adequate for identification and monitoring of risks • Review the appropriateness of insurance coverage maintained by the organization

(including but not limited to Officers & Directors Liability, Property Coverage, Errors and

Omissions) • Review the status of pending or threatened material litigation against the organization

External Financial Review

• Recommend to the CFMS Membership the appointment of an auditor as per CFMS Bylaw 102.

• Conduct “in camera” meetings with the auditor to discuss matters that should be brought to the Executive’s attention or to examine problems experienced in performing the review

CFMS Finance Committee – Terms of Reference Version 1

Financial Statements

• Review the annual financial statements in August of each year following the Summer Executive meeting and prior to the Annual General Meeting and either recommend their approval or steps for their correction to the Executive

• Review interim financial statements no less than once during the year and provide a written report to the Executive, preferably prior to the Winter Executive Meeting.

Other Projects

• Review and provide comment on financial matters related to projects that fall outside the scope of these Terms of Reference, decided on a case by case basis by the membership of the Committee.

Operations

Meetings

• The Committee shall meet not less than three times a year. This may be structured so as to parallel yet proceed each meeting of the Executive.

• The Committee shall meet at the call of the Chair • The Committee members shall review material circulated prior to the meeting such that they

are able to participate in discussion and contribute to recommendations.

Minutes

• A copy of the minutes of each meeting shall be provided to each member of the Committee • Minutes of each meeting must be circulated to the Executive

Reporting

• Provide the Executive with a report of the Committee findings and recommendations following each meeting of The Committee.

Chair Responsibilities

Operations

• Select a meeting time which is mutually agreeable to all members of the Committee. • Provide a meeting agenda and interim financial statements, and other supporting

documentation necessary for participation in the meeting.

Communications

• Convey recommendations and findings of the Committee to the Executive by way of oral and written reports.

Accountability

The Committee is accountable to the CFMS Membership, is independent of the organization’s Executive. The Committee represents the Executive’s responsibility to protect the mission and best interests of the Membership.

Committee Performance

Evaluation of the performance and effectiveness of the Committee and its individual members shall be ongoing. Formal assessment both internally and externally shall be conducted under direction of the Executive in January and July of every year.

CFMS Finance Committee – Terms of Reference Version 1

Liability

Each member of the Committee shall act in his/her best judgement and take into consideration all information provided to the Committee, while using the same diligence as the reasonable person. The CFMS will provide liability insurance for all members of the Committee through the recognition of each member as an officer of the organization.