Mandate
This Committee will provide oversight to the annual audit process, review financial reporting, provide budgetary oversight and approval, and provide any other financial advice as requested.
Committee Membership
Chair: Treasurer
Board of Directors
Executive Director (non voting)
Roles and Responsibilities
Review and approve the annual budget
Authorize and approve the annual external audit process
Present the financial report, including the annual audited statements, at the Annual General Meeting
Consult external counsel or advisors based on recommendation deemed appropriate by the Board
Ensure Board Governance Policies are applied consistently and appropriately
The Board of Directors are responsible for oversight of the financial activities of the MRSA
Reporting
The Treasurer is responsible for reporting to the membership on an annual basis.
The Executive Director is responsible for providing regular financial reporting to the Board on a quarterly basis, at a minimum.
The Executive Director is responsible for providing the Budget presentation to the membership on an annual basis, following approval of the Board.
Level of Authority
The Board is the final decision maker as the governing body of the MRSA, and is ultimately responsible for all financial activities of the MRSA.
Operational activities, including financial management of the MRSA, are delegated to the Executive Director as per the Constitution and Bylaws, and the Board Governance Policies.
Executive Board Approved: April 29, 2026