The Finance Committee is a standing committee of the Council tasked with advising it on the management of the Association’s, research, publications, income and expenditure.
As a committee of the Council, the Finance Committee reports to the Council on a number of matters for which is has primary responsibility. The Finance Committee is therefore directly involved in the following:
• Ensuring the Association’s accountability for the proper use of the Association’s funds
• Supervising the financial position of the Association
• Reviewing budgets, strategy and recommending fundraising plans to ensure adequate funding for operations
• Reviewing and recommending lending/borrowing practices
• Reviewing financial activity and advising the Council regarding any concerns with the financial stability of the Association.
• Assisting in the day-to-day financial workings of the Association.
A. Role of the Committee
The role of the finance committee is primarily to provide financial oversight for the Association. Typical task include budgeting and financial planning, financial reporting, and the creation and monitoring of internal controls and accountability policies. An outline of responsibilities of the Committee includes.
1. Budgeting and Financial Planning
• Develop an annual operating budget with the secretariat.
• Approve the budget within the finance committee.
• Monitor adherence to the budget.
• Set long-range financial goals along with funding strategies to achieve them.
• Develop multi-year operating budgets that integrate strategic plan objectives and initiatives.
• Reviewing and providing a recommendation to the Governing Council for the annual budget and the business plan proposed by the President;
• Authorizing acceptable accounting and disbursement procedures for all funds under jurisdiction of the Association
• Present all financial goals and proposals to the Governing Council for approval.
• Engage in an annualized budgeting process in cooperation with the secretariat
In addition to developing an annual budget, the committee will also set long-term financial goals. The finance committee will work with the staff to determine the financial implications of the plan and will plot them into a multi-year organizational budget that will financially support the implementation of the strategies.
• Develop useful and readable report formats with the secretariat.
• Work with the secretariat to develop a list of desired reports noting the level of detail, frequency, deadlines, and recipients of these reports.
• Work with the secretariat to understand the implications of the reports.
• Present the financial reports to the full Governing Council.
3. Internal Controls and Accountability Policies:
• Create, approve, and update (as necessary) policies that help ensure the assets of the Association are protected.
• Ensure policies and procedures for financial transactions are documented in a manual, and the manual is reviewed annually, and updated as necessary.
• Ensure approved financial policies and procedures are being followed.
B. Constitution and Membership:
Appointed members of Finance Committee shall remain members for a period of up to three consecutive years and shall be eligible for re-appointment for a second or further period not exceeding three years; provided that no person shall normally be re-appointed who has completed six consecutive years of membership until a period of at least one year has elapsed.
C. Terms of Reference
Approved by the Council, 31st March 2018
1. To review each year the financial resources available to the Association, with a report on the principal internal allocation of resources, and to recommend a budget to Council for the implementation of the plans of the Association.
2. To have general supervision of the finances of the Association, to ensure that expenditure incurred has been properly authorised, and to make recommendations to Council on any related matters.
Finance Committee Members
1. Prof Akpan H. Ekpo, President
2. Prof Ashwani Kumar (India)
3. Prof. Emmanuel Babatope Alo
4. Prof. Benjamin C. Ozumba
5. Hon Justice Ishaq U. Bello
6. Dr. Mrs. Gloria Laraba Shoda, mni
7. Prof. Akin B. Ogunsakin
8. Prof. Dawud O. Noibi
9. Dr. Akinsanya Babatunde