UBC ams
Finance Committee

Finance Committee

Finance Committee

Current Members (Summer 2024)

Chair: Gavin Fung-Quon (VP Finance)

  • Christian Kyle (AMS President)
  • Cameron Taylor (Councillor)
  • Lawrence Liu (Councillor)
  • Eshana Bhangu (Councillor)
  • Vacant (Councillor)
  • Harfateh Saberwal (Student at Large)
  • Yi Jia Zhou Yu (Student at Large)

Terms of Reference

The Finance Committee shall be composed of:

  • the Vice-President Finance;
  • one (1) member of the Executive chosen by the Executive;
  • three (3) Council members, all of whom must either be
    • voting members;
    • UBC Vancouver student members of the Board of Governors; or
    • student Senators elected by the student members of the UBC Vancouver Senate to serve on Council;
  • two (2) students at large;
  • the Managing Director, who shall be non-voting; and
  • the Associate Vice-President Finance, who shall be non-voting.

The Finance Committee shall provide oversight and accountability for the finances of the entire Society and advise the Vice-President Finance and the Managing Director on business and financial matters.

The Finance Committee is responsible for administering the Fund Subcommittee, the Sustainability Projects Fund Subcommittee, and the Impact Grant Working Group.

The Finance Committee shall meet at least once every two weeks

According to AMS Code, the Finance Committee also shall:

  • approve and prepare the preliminary and final budgets for the Society, in accordance with AMS Code Section IX B;
  • monitor the Society’s financial activities;
  • administer the Society’s funds,
  • exercise stewardship over the Society’s investment policy;
  • approve and make any necessary changes to the Club and Constituency Finance Policy Guide, including the Club and Constituency Credit Card Policy;
  • have the power to approve IT expenditures recommended by the Operations Committee;
  • submit quarterly reports to Council in June, August, November, and February in accordance with the following provisions:
    • the reports shall be compiled by the Vice-President Finance and the Managing Director and approved by the Committee before going to Council;
    • the reports shall state the Society’s actual expenditures, which shall include line item spending actuals by department to date;
    • the reports shall state the Society’s business contributions by business outlet;
    • the June and November reports shall aim to include all financial reports from Society or University groups receiving dedicated student fees;
    • the February report shall include a reforecast of the Society’s budget;
  • make recommendations about dealing with deficits, surpluses, and unallocated revenue from donors and sponsors, in accordance with AMS Code Section IX B, Articles 4 and 5;
  • conduct an annual review of all existing fees and funds, such a review to take place between November 1 and January 31, with a report on the review’s findings to be submitted to Council by the first Council meeting in February;
  • have the power to approve short-term loans to Constituencies and Clubs;
  • carry out such duties concerning the Society’s Funds as are given to it in AMS Code Section IX B of the Code;
  • monitor the accounts of Constituencies and Clubs;
  • ensure compliance with the Code’s Fiscal Procedures by all individuals and organizations within the Society;
  • review short-term performance of the Society’s businesses and suggest improvements to the Vice-President Finance;
  • assist the Vice-President Finance in ensuring the financial health of the Society;
  • in accordance with Section IX B, Article 6(5)(a) have the power to approve expenditures of less than two percent (2%) of the annual intake of the Capital Projects Fund;
  • in accordance with Section IX B, Article 6(5)(a) have the power to approve expenditures of less than two percent (2%) of the annual intake of the Capital Projects Fund;
  • in accordance with Section IX B, Article 8(9) have the power to approve budget amendments of less than $5,000;
  • submit reports to Council on fund expenditures and budget amendments it has approved as soon as it has approved them;
  • propose annual goals for itself to the Agenda Committee and be responsible for completing those goals; and
  • have such other duties as are as are outlined in the Bylaws or the Code or assigned by Council from time to time.

Meeting Times

The next meeting time will be announced soon.

Reports

Meeting Agendas

2023

2022

Meeting Minutes

2023

2022

2023 Minutes (Full Year)

2022 Minutes (Full Year)

2021 Minutes (Full Year)

2020 Minutes (Full Year)

2019 Minutes (Full Year)

2018 Minutes (Full Year)

2017 Minutes (September-November)

Subcommittees

Fund Subcommittee: Monitor the accounts of constituencies and clubs, approve short-term loans to constituencies and clubs, and review and recommend allocation of funds for specific initiatives. Terms of Reference

Impact Grant Working Group: Provide oversight to the AMS Impact Grant; an initiative that provides funding and support to UBC students interested in conducting scholarly research to build knowledge and understanding of post-secondary matters affecting UBC Vancouver’s community. Terms of Reference

Sustainability Projects Fund: Provide funding to Active Members for sustainability projects that enhance opportunities in student engagement related to sustainability, reductions of the Society’s ecological footprint, education and outreach related to sustainability, and the environmental, ecological and socially sustainable operations of the Society. Terms of Reference