Finance Committee

TERMS OF REFERENCE


Objective
To prepare an annual budget for Diving New Zealand (DNZ), monitor financial performance against budget, ensure that before any payment is made the requisite authorisation is given and, on a regular basis, keep the Board informed of DNZ's financial activities and performance. 
 
Responsible to: Board of DNZ
 
 
Composition
  1. Subject to the requirements of the DNZ Constitution, the Board of DNZ shall determine the composition of the Finance Committee (the Committee).
  2. The Committee may comprise one or more persons. In appointing any person to the Committee the Board shall have regard to the person(s)' financial experience and expertise.
  3. Where the Committee comprises three or more members, a quorum shall be two thirds of the Committee membership.
 
Term

All members of the Committee shall continue in office until otherwise determined by the Board, or until the member resigns, whichever comes first. Any resignation shall be notified to the Board.

 

Duties and Responsibilities

  1. To prepare the DNZ budget for submission to the Board no later than 1 March in each year  Ref: DNZ Constitution C23.2
  2. To prepare a set of accounts to be tabled by the Chairman at each Board meeting  Ref: DNZ Constitution C23.5
  3. To annually review the affiliation fees to be paid by members and recommend to the Board, in a timely manner before each AGM, any changes required to these fees
  4. To provide support and advice on areas relevant to finance to the other DNZ Committees
  5. To review from time to time the terms of reference for this Committee and provide any recommendations on this matter to the Board
  6. To undertake such other actions or activities as may be authorised by the Board from time to time.
 
 
Operating Principles

In the event that the Committee comprises more than one person:

  1. a meeting of the Committee shall be convened if so requested by any Committee member or by the Board, and  

Note: Meetings may be held by telephone or other means of communication  Ref: DNZ Constitution C19.7

  1. Minutes of the Committee meetings shall be taken.  Ref: DNZ Constitution C19.5
 
 
Authority
The Committee is authorised by the Board to carry out any activity covered by its duties and responsibilities.