MedNet

Finance Committee

Terms of Reference

Purpose and Authority

The purpose of this committee is to:

  • Recommend to the Dean allocation of financial resources in support of the Faculty's mission and priorities.
  • Provide advice and recommendations to the Dean and Executive Director, Finance and Operations regarding the Faculty of Medicine's finance function as a whole.

Composition

This committee is made up of ex officio, elected, and appointed members.

The Faculty of Medicine's commitment to equitable and diverse membership on its committees and advisory councils guides its nomination and selection process.

Voting Members

Ex officio

  • Dean, Faculty of Medicine (chair) (1)
  • Executive Vice Dean (1)
  • Executive Director, Finance and Operations (1)
  • Senior Director, Finance (1)
  • Executive Director, Faculty Affairs (1)
  • Executive Associate Dean, Education or delegate (1)
  • Executive Associate Dean, Research or delegate (1)

Elected

  • Three Department Heads/School Directors (3)
  • One Faculty- or Senate-approved Centre/Institute Directors (1)
  • One UGME program student (1)
  • One Health Professions program student (1)

Appointed

  • Two Department Heads/School Directors (2)
  • One departmental senior administrator (1)
  • One Regional Associate Dean (1)

Guests may be invited to join specific meetings or portions of specific meetings at the chair's discretion.

Appointment Process

Ex officio members are members by virtue of their administrative appointment.

Appointed members are appointed by the Dean through the annual process initiated by the Dean's Office.

Elected members are elected by their peers through the annual process initiated by the Dean's Office.

Term

Ex officio members are members as long as they hold their administrative appointment.

Elected students are members for a one-year term and are eligible for one renewal.

Other elected members are members for a three-year term and are eligible for one renewal.

Appointed members are members for a three-year term and are eligible for one renewal.

Chair

Chaired by the Dean, Faculty of Medicine.  

Meeting Schedule and Administration

Normally meets approximately monthly and at the call of the chair.

All members are expected to attend all meetings in person or via videoconference or phone.

A staff member from the Office of the Executive Director, Finance and Operations will capture meeting minutes. Minutes will be circulated to all members.

Minutes, notes, and discussion of all meetings are confidential.

Records will be maintained in accordance with UBC and Faculty of Medicine records retention procedures.

Quorum and Decision Making Process

Quorum consists of 50% plus one of members.

Decisions are typically made by consensus. When consensus does not emerge, decisions will be made by vote, requiring 50% plus one of members present to pass.

Lines of Accountability and Communication

This committee:

  • Reports to the Dean.
  • Makes recommendations to the Dean and/or the Executive Director, Finance and Operations, as appropriate.
  • Provides an annual report summarizing the year's activities to the Faculty Executive Committee, for information.
  • Seeks input from the Department Heads and School Directors Committee before presenting recommendations to the Dean, as appropriate.
  • May delegate responsibilities to subcommittees and/or ad hoc groups to make recommendations on, or conduct, specific aspects of the committee's mandate.

Representatives of this committee liaise with other academic and administrative committees and advisory councils, as needed.

Responsibilities

This committee:

  1. Advises and assists the Dean in the allocation of resources to support the mission and strategic priorities of the Faculty.
  2. Supports the Dean to ensure that the finances of the Faculty are managed in accordance with sound and transparent management policies and practices and in a manner that contributes to the academic mission and fiscal health of the Faculty.
  3. Develops and oversees implementation of financial management guiding principles.
  4. Oversees budget development process.
  5. Reviews proposals for higher-level and strategic change in financial policy, procedures, or structures and advises the Dean on the impact of such changes.
  6. Adheres to the FoM General Responsibilities of Standing Committees.

Approval

This version of these terms of reference has been approved by the Dean on March 1, 2018.

Version History

  • Approved by the Faculty of Medicine (Full Faculty) on November 14, 2017.
  • Approved by the Faculty Executive Committee on September 26, 2017.
  • Composition change approved by the Finance Committee on February 2, 2017.
  • Approved by Faculty Executive on November 18, 2015.