Treasurer Terms of Reference

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NOVANET BOARD OF DIRECTORS

TREASURER
TERMS OF REFERENCE

Purpose

To carry out such duties as the Board of Directors may assign.

Authority

The Treasurer is appointed by and receives its authority from the Board of Directors. The Treasurer reports to the Board of Directors.

Responsibilities

  1. Member of the Board of Directors and the Executive Committee of Novanet.
  2. Oversee Service Level Agreement between Novanet and its administrative services provider, currently Interuniversity Services Inc.
  3. Present interim financial statements to the Executive and the Board of Directors.
  4. Present budget updates to the Executive Committee as needed.
  5. Ensure that the Corporation follows processes, rules and regulations in accordance with Canadian Institute of Chartered Accountants.
  6. Attend Audit Committee meetings as a resource, to answer questions related to interim financial statements and management’s measures to identify risks affecting financial reporting.
  7. Following a review by the Audit Committee, present the audited financial statements to the Board of Directors for approval.
  8. Present an annual budget to the Board of Directors for approval.
  9. Review accounts payable invoices and co-sign invoices over $5,000. Amounts greater than $5,000 require formal Board approval.
Revised March 2008