Finance, Audit, Investment & Risk (FAIR) Committee
- Lisa Featherby (Chair)
- Doug Kelly
- Judy Flanagan
- Ken Pride & Liz Rolt (Staff)
The purpose of the Committee is to the best of their ability and based on the information provided to it, assist the Board to discharge its responsibilities by monitoring and advising on all aspects of financial & risk management of Bowls WA (BWA).
Duties and Responsibilities
In assisting the Board in fulfilling their responsibilities, the duties of the committee shall be to provide oversight and make recommendations to the Board in the following areas:
- Review on a regular basis the financial operations of Bowls WA including monthly income and expenditure, profit and loss, bank reconciliation and balance sheets,
- Develop with the CEO, annual budgets for approval by the Board and monitor progress against actual revenue and expenditure,
- Monitor any capital investments managed by third parties, ensuring that the agreed level of risk relating to those investments is adhered to,
- As part of the budgetary process, recommend to the Board the annual Affiliation Fee payable by active participants.
Financial Risk Management
- Oversee the Association’s risk management and mitigation strategies and ensure the operational effectiveness of those strategies, policies and procedures in minimizing such risk,
- Ensure the Association is adequately covered in areas of non-financial matters including, but not limited to:
- Asset protection
- Employment law
- Personal accident or injury
- Business interruption
- Public liability, including volunteer exposure
- Director’s liability
- Identify and manage any financial risks that may jeopardize the achievement of budget forecasts and/or the achievement of the strategic plan.
- Monitor the performance and independence of the external auditors and make recommendation to the Board as to their continuation or replacement,
- Review the Audit Report and report any significant items identified by the auditors and report to the Board as required,
- Ensure that management responds promptly to the recommendations made in the report.
The committee is to provide oversight and where appropriate review and make recommendations to the Board where the nature and amounts involved are beyond the approved Delegations of Authority on the following matters:
- Capital expenditure needed to effectively maintain the asset base to support BWA’s service delivery,
- Acquisition, management, control and disposition of land, buildings or equipment,
- Intellectual property, information management and information technologies,
- Review business cases including any preliminary estimates of the operating cost implications of any proposal.
Financial and Contractual Delegation
- Review and make recommendations to the Board on delegation of authority to the CEO, including authority to execute contracts such as significant service providers and grant agreements,
- Approvals of budgeted operational and capital costs up to the value of $50,000 can be approved by the Chief Executive Officer,
- Consider and recommend to the Board for approval those non-budgeted expenditures over $20,000. See Delegations of Authority Policy (5.01, 5.02 & 5.03)
Governance Responsibilities (internal)
The committee shall ensure that it;
- Evaluates, on an annual basis, its own performance and review these Terms of Reference and as it considers appropriate, propose any changes for approval by the Board,
- Ensure adequate resources and support are in place to enable FAIR to fulfill its duties effectively and efficiently,
- Undertake the scoping, feasibility and planning for special projects assigned to FAIR as determined by the Board.
Membership of the Committee:
- The Director of Finance shall be the Chairperson,
- The President of the Association,
- Other Board Directors as appointed to the portfolio,
- The CEO who shall act as the Secretary of the Committee and record Minutes and outcomes as required.
- Other members who may be co-opted as approved by the Board.
- A quorum shall be set at 50% of the members of the committee,
- Meetings will be every second month or as determined by the Chairperson,
- FAIR meetings, activities, agendas and minutes are to be recorded and forwarded to the Board as part of the following Board Meeting agenda,
- The Minutes of the meetings are not to be made publicly available.
Term of Office
The term of office for committee members shall be in accordance with the Bowls WA Constitution and as set by the Board at the time of their appointment.