Finance Committee

St. Olaf College Board of Regents

Finance Committee

Committee Charter

Approved by the Board of Regents on June 2017

Mission

The Finance Committee provides oversight and advice regarding the major financial policies, goals and budgets that support the mission, values, and strategic goals of St. Olaf College.  The overarching concern of the committee is the long-term financial viability of the college.

Roles and Responsibilities

The committee shall have the following duties and responsibilities:

  • Financial health:  Monitor the College’s financial performance against approved budgets, long-term trends, and relevant benchmarks;
  • Operating and capital budgets: Review Investment Committee recommended payout levels in conjunction with management’s proposals and recommend to the Board of Regents an annual operating and capital budget plan with multi-year projections;
  • Financial risk management: In connection with the functions overseen by this Committee, review with management the College’s strategies for management of significant financial risks including the use of hedges, derivative instruments, insurance coverage (and related costs);
  • Board communication: Report on the Committee’s activities regularly to the Board of Regents and ensure that the Committee and the Board receives timely, accurate, and understandable financial information that is relevant to the discussions and actions of the Board;
  • Other duties: Carry out such other activities within the scope of its primary purpose or as the Board may from time to time delegate to it.

Composition

The committee shall consist of at least five members, including its ex officio members. The Chair of the Board of Regents and the President of the College shall be ex officio voting members of the Committee.  The committee chair, and all other members of the committee apart from its ex officio members, shall be Regents appointed by the Chair of the Board of Regents.

The Vice President and Chief Financial Officer shall serve as a non-voting staff liaison to the committee.

Meetings and Reporting

The committee normally shall meet at least three times per year, at such times and places as the Committee shall determine.  Members may participate in any meeting of the committee by means of conference telephone or other form of remote communication that enables persons not physically present in the same location to communicate with each other on a substantially simultaneous basis.  A quorum of any meeting of the committee shall consist of a majority of its appointed members for the purpose of taking any action other than adjourning the meeting.  If a quorum of committee members is not present, a majority of those present may adjourn the meeting.

The committee chair, in collaboration with the staff liaison, shall establish the agendas for meetings.  The staff liaison shall provide the agenda and any other relevant materials to committee members in advance of each meeting.  The committee shall maintain minutes of all its actions and communicate them promptly to the full Board of Regents.

Review of Charter

This charter shall be reviewed regularly by the committee, and any proposed changes shall be submitted to the Nominating and Governance Committee for review and approval.  The Nominating and Governance Committee shall refer significant changes to the full Board of Regents for review and approval.