FINANCE COMMITTEE-AGREED GUIDELINES
Composition
PCC Treasurer ex officio and at least two other PCC members nominated by the PCC.
The Rector is an ex-officio member.[It is recognised that they may choose not to attend all committee meetings.]
The committee will appoint its own chairman.
Purpose, process and limitations
a)To monitor income and expenditure
b)To oversee the management of funds
c)To alert the PCC to any matters of concern over finance
The committee will only meet in case of need. This might typically be in accordance with the current Reserves Policy if funds drop below the formally specified level; or at the request of the PCC Treasurer to seek guidance on a financial matter; or if a concern is identified by a committee member or the PCC or the Standing Committee.
If the committee meets, the outcomes will normally lie in communication. Any discussion by the Finance Committee will be reported in writing to the PCC via the PCC Secretary (within a timescale laid down by the PCC Secretary).
The committee will have no direct spending powers, and no decision-making powers except in an emergency relating to the management of funds. Should such an emergency arise, it will if possible refer the matter to the Standing Committee for an urgent decision. Should this not be possible a unanimous decision of the Finance Committee will be required to instigate action. Such decision will be reported for ratification to the next meeting of the Standing Committee or of the PCC, whichever is the earlier.