Finance Committee 

The Finance Committee has responsibility for the provision to Council of advice on both the University's financial performance in the current year and also the financial implications of any future plans.

Finance Committee Terms of Reference
Finance Committee Meeting Schedule 2019

Finance Committee Terms of Reference

Preamble

Section15(1)(d) of the University of South Australia Act (1990) enables Council to delegate any of its powers or functions to a Committee. The Finance Committee has been formed as a Committee of Council to assist it in the conduct of its business and to provide advice in the area of its Terms of Reference.

The delegation to the Committee does not derogate from the power of Council to act in any matter and is revocable at will by the Council (Section 2 (c)(d)).

The Committee may resolve not to take action on any matter appearing in its Terms of Reference, or exercise any delegation from Council and refer a matter directly to Council for consideration.

These Terms of Reference outline the responsibilities and operations of the Committee.

Responsibilities

The primary function of the Finance Committee is to provide advice to the Council both on the University's financial performance in the current year and also the financial implications of any future plans.
Specifically, the Committee will:

1. Review and monitor the University's performance against financial targets established by Council including Budget and Strategic Plan financial targets.

2. Review and advise Council on the University's budget and annual financial statements.

3. Review regular financial reports and, where appropriate, provide advice to Council on the implications of these.

4. Consider and make appropriate recommendations to Council on any matters having a significant financial impact on the University.

5. Advise Council on the short, medium and long term financial implications of the University's Plans.

6. Advise Council in relation to:

(i) the extent and adequacy of the University's insurance coverage (at least annually) 
(ii) the Treasury Management Policy of the University
(iii) the University's borrowing program (on a regular basis)
(iv) any contracts in excess of $5m requiring Council approval.

7. Advise Council in relation to the capital program and monitor the progress of major capital projects.

8. Receive the annual reports and financial statements of the University’s controlled and associated entities.

9. Approve and monitor an investment policy for Foundation funds and monitor investment performance against benchmarks.

10. Exercise authority delegated to it by Council.

11. Consider any matters referred to it by Council or the Vice Chancellor.

Membership

  • Four appointed members of Council, one of whom will be Chair.
  • One appointed non-council member with financial expertise.
  • Vice Chancellor (ex officio).
  • Chief Operating Officer (ex officio).

The Chancellor, while not a member of the Committee, will have the right to attend all Finance Committee meetings as an observer.

The Chief Financial Officer and the Director: Risk and Assurance Services will have "In Attendance" status at Committee meetings. The Committee may invite members of management or others to attend the meetings.

No business may be transacted at a Committee meeting unless a quorum is present. Quorum is four members, which must include at least two appointed members of Council.

Membership and terms of Council member's appointments will be as determined by Council. The term of appointment for all appointed non-Council members of Finance Committee has been set at two years and are eligible for reappointment by Council.

Meetings

The Committee will meet at least 4 times per annum. Meetings of the Committee may be called by the Chair of the Committee outside of this cycle, should the need arise to discuss matters related to its Terms of Reference.

Management of Urgent Business

Where urgent action is necessary, a matter may be dealt with out of session, as determined by the Committee Chair, and approved if agreed to by each member of the Committee, and shall be subsequently reported to the next meeting of the Committee.

Reporting

The Finance Committee will report to Council on its activities at the next available Council meeting. The report shall include a summary of resolutions of the meeting (including any items requiring a resolution or endorsement of Council) and a copy of the minutes of the meeting.

 Established 2000; Approved by Council 19 December 2018

Finance Committee Meeting Schedule 2019

Meeting Date / TimeLocationPapers Circulated

Friday 8 February 2019
3.00pm - 5.00pm

International Room (H5-24)
Level 5, Hawke Building
Thursday 31 January 2019

CANCELLED
Friday 29 March
2:00pm – 4:00pm

   

Monday 15 April 2019
8.45am - 12.00pm
***Joint meeting with ARMC***

International Room (H5-24)
Level 5, Hawke Building
Monday 8 April 2019

CANCELLED
Friday, 21 June
10:00 am - Midday

   

Tuesday 30 July 2019
1.00pm - 3.00pm

International Room (H5-24)
Level 5, Hawke Building
Monday 22 July 2019

Tuesday 8 October 2019
10.00am - 12.00pm

Cancer Research Institute (HB11-23)
Level 11
Friday 27 September 2019

Friday 15 November 2019
10.00am - 12.00pm

International Room (H5-24)
Level 5, Hawke Building
Monday 7 November 2019