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UBC ams
Finance Committee

Finance Committee

Finance Committee

Current Members

This page will be updated once members are appointed.

    Terms of Reference

    The Finance Committee shall be composed of:

    • the Vice-President Finance;
    • one (1) member of the Executive chosen by the Executive;
    • four (4) non-Executive Council members;
    • one (1) 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;
    • oversee the Society’s funds, including such duties concerning the Society’s Funds as are given to it in Section IX B of the Code, alongside the following provisions:
      • 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) and 6(6) have the power to approve expenditures from other funds of the Society;
      • 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; and
      • 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;
    • submit quarterly reports to Council in September (Q1), January (Q2), March (Q3), and June (Q4), 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 January and June reports (Q2 and Q4) shall aim to include all financial reports from Society or University groups receiving dedicated student fees;
      • the January report (Q2) 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;
    • oversee progress on the financial plan;
    • have the power to approve loans to Constituencies and Clubs;
    • have the power to monitor the accounts of 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 the 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;
    • propose annual goals for itself to Council for approval 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 Meeting Times haven’t been determined yet.

    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