Finance Committee

TYPE OF COMMITTEE:

STANDING COMMITTEE as established by the Library Association of Alberta bylaws.

PURPOSE:

The Finance Committee defines and directs the work of the Library Association of Alberta in order to ensure responsible financial planning and fiscal reporting.

 KEY DUTIES AND RESPONSIBILITIES:

  • Prepares and reviews financial framework and policy statements
  • Receives and reviews monthly trial balances
  • Receives and reviews revenue and expense statements for the month preceding each Board meeting
  • Prepares grant applications and provides required reports
  • Prepares the annual budget for the Association and presents the budget for approval to the Board of Directors at the last Board meeting of the year
  • Monitors the base level of the Education Endowment Fund
  • Ensures that a compilation engagement is carried out as per policy 
  • Reports to the membership on activities and future planning at the AGM

COMPOSITION AND APPOINTMENT

The Finance Committee will have four members including the Treasurer as Chair, the President, the Past President and the 1st Vice President. LAA’s contracted administrative support is an ex officio member of this committee. Finance Committee decisions must be unanimous. In the case of a dispute, the matter must be referred to the Board for resolution and decision.

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