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Financial Accountability and Investment Committee

Mandate:  

To provide leadership and guidance to the Division of Finance and Administration regarding issues pertaining to the finances of Communities of Faith, including requests for grants and loans, and to provide oversight, leadership, and guidance on all Investment and Trust issues within the bounds of the Region. 

Membership: 

• Chair 
• Vice Chair 
• Secretary (at the discretion of the Chair)
• 6 Designated Individuals 
• Executive Minister – Staff Support

• Division Chair (Ex-Officio) 

The Chair will have direction over Financial Accountability and Consultation matters. 

The Vice-Chair will have direction over Investment and Trust matters. 

The Chair and the Vice Chair will both report to the Finance Division. Only one will have voting privileges at any given Division meeting, normally the Chair, but in his/her absence the Vice Chair. 

Duties:  

• review Community of Faith financial reports when a consult is requested.
• recommend on all Community of Faith requests for grants and loans, other than grants and loans for property repairs/renovations.
• draft the annual Regional budget for approval by the Division of Finance and Administration. 
• review, on a minimum of a quarterly basis, the Regional finances and, as required, make recommendations on the efficient administration of the Regional finances to the Regional Council Executive.
• approve financial disbursements, including Mission Support Grants within the Region in discussion with Justice, Mission and Outreach and Ministry of Children, Youth and Young Adults if needed.
• work with General Council on any shared services agreements 
• make recommendations and provide policy advice to the Regional Executive, through the Division of Finance regarding investments and investment policy.
• monitor, preferably on a quarterly basis, the financial investments of the Region.
• coordinate and arrange parameters around special bursaries, grants and gifts from bequests.
• create working groups where needed for the functioning of the committee & Division, if necessary.

Skills/Experiences:  

• experience in managing financial matters 
• consultative and pastoral skills 
• ability to produce financial reports 
• knowledge of The United Church in relation to investment policies
• skill and experience in financial investment matters

Accountability/Reporting: Through the Division of Finance and Administration to the Regional Executive and Regional Council on a regular basis. (As often as needed or required.)  

Powers: Must refer decisions to the Division of Finance and Administration except the following:  

• recommendations regarding Community of Faith financial statements