Terms of Reference Finance and Investment Committee
The Finance & Investment Committee is established as a Standing Committee of the Board to recommend finance and investment policies, to review investment performance against established criteria, and to review the policy as needed, no less frequently than annually. Its members are appointed by the Board.
- To develop, maintain, and assure adherence to an investment policy for Foundation funds that recognizes the Foundation’s need to preserve capital and to earn sufficient revenue to cover grants and operating expenses;
- To recommend to the Board the appointment, reappointment or change of investment managers and custodians;
- To monitor the performance of the funds against the policy and expectations;
- To review, report and recommend to the Board, as appropriate, the following:
- All financial statements, projections and budgets that require the approval of the Board
- Audit plans, including any significant recommendations made by the auditors for strengthening internal controls, any changes in accounting practices, any contingencies that may have a significant effect on the financial position or operating results, or any other matter that in the Committee’s judgment should be taken into account in reaching its recommendations concerning the approval of the financial statements.
- Audit fees
- Reappointment (or not) of auditors).
- Investment results and the implications for making grants in the future.
- To participate in:
- Preparation of annual operating plans.
- Strategic planning
- Review of service charges, fees and costs associated with the management of endowment funds.
INVESTMENT GUIDE LINES:
- Cash, Demand Deposits, Term Deposits in federally or provincially insured Canadian Financial Institutions
- Bonds, Demand Debentures and Other Debt Instruments of Federal and Provincial Governments, including their agencies or of a corporation incorporated in Canada which are rated as recommended by our professional money manager.
- Insured mortgages on properties.