Generally, a delegated authority will permit the finance committee to agree changes to the budget up to specified financial limits with changes beyond this being referred to the full governing body to determine. The duties of a finance committee will normally include responsibility for monitoring the institution’s budget and a requirement to take corrective action to address issues such as potential overspending arising during the year. This article looks at the role of the finance committee in relation to budget monitoring. Its role is key to ensuring that the governing body discharges its financial responsibilities correctly and that the institution remains financially viable at all times.
Monitoring and planning for the institution’s financial position and financial control systems is normally undertaken by a finance committee. Although the governing body (or equivalent) has clear responsibility for an institution’s finances, it often delegates specific powers to committees. In an article published in Education Business earlier this year I considered the important role that a finance committee can have in an academy, college or university. Kerry Ace, finance and policy manager at the Chartered Institute of Public Finance and Accountancy (CIPFA), explains all you need to know.
Even more people are unaware of the importance of finance committees. Many people are oblivious to who is in charge of the finances in their schools. The role of the finance committee Finance
0 kommentar(er)
