Finance & Fundraising Committee
The Committee is a standing committee of the Board of Directors and reports to the Board of Directors through the Treasurer.
The Committee will consist of four members of the Board of Directors, one of which will be the Treasurer. The Treasurer will act as the Chairperson for the Committee. The Managing Director will act as resource to the Committee and will attend Committee meetings in that capacity. The Committee will work in its discussions and deliberations to build and reach a consensus on the topics and matters that will be dealt with by the Committee.
The Board reserves the right to remove a member from the Committee.
The members of the Committee will serve for a period of one year which coincides with the Corporation's fiscal year. New members may be added to the Committee from time to time as required. The Committee roster will be struck so as to strive to maintain at least two members of the Committee during times of membership transition in order to retain Committee continuity and historic knowledge about matters that have been considered by the Committee.
The Committee will normally meet three times each fiscal year or as determined necessary by the Committee Chair to deal with matters requiring immediate attention by the Committee. The normal meetings schedule will be:
February - to prepare the draft operating and capital budgets for the coming year
April - to discuss and review the annual financial statements
October - to review and discuss the mid-year financial results (actual year-to-date versus the annual budget)
The Committee Chair will be responsible for developing and circulating a Meeting Agenda for the Committee Meetings based on input solicited from Committee Members. The Committee Chair will be responsible for the preparation of a Committee Report that will be provided to the Board. The report will include the Meeting Agenda, an attendance record, a high level overview of the Committee’s discussions and a synopsis of the decisions and recommendations made by the Committee to the Board.
Mandate of the Committee
The Finance & Fundraising Committee’s mandate is divided into two areas of focus as follows:
Finance Area of Focus
Assist the Treasurer in providing Canadian Lighthouses of Lake Superior (CLLS) with excellent financial management which includes the provision of appropriate financial and operational reports and the required financial statements to the Board and Management on a timely basis.
Oversee the System of Internal Controls that will assist the Corporation in protecting and preserving its financial resources.
Raise questions, as appropriate, to the Treasurer to help ensure that financial reports are accurate and that they will assist the Board in decision making.
Prepare the draft annual operating and capital budgets based on strategic input from the Board and operational insight from the Managing Director.
Provide recommendations to the Board related to credit instruments such as credit card, loans and Line of Credit based on recommendations received from the Treasurer.
Oversee the annual Compilation engagement that is to be performed by a qualified third party for the annual financial statements.
Fundraising Area of Focus
Develop ideas and areas of pursuit which can be used to raise funds to support the operations of CLLS, in particular fundraising campaigns focused on capital projects. The ideas and areas of pursuit will not include those revenue opportunities that are the focus of the Product Development & Marketing Committee. The Committee will focus its attention on raising funds through digital revenue channels such as donations, crowdfunding and fundraising campaigns with targets that can be achieved through digital platforms and supported through social media.
As appropriate, the Committee will consult with and coordinate its activities with the Product Development & Marketing Committee.
CLLS Finance & Fundraising Committee Operating Policy - Adopted February 26, 2021