Finance Committee: Mandate | Responsibilities

Mandate

The CAUBO Finance Committee, working in collaboration with the regional committees, supports the development and implementation of best practices in financial management and reporting for member institutions in higher education. It strives to provide CAUBO members and other interested parties with complete, credible and consistent information on the financial status of CAUBO member institutions. It provides advice and support on the administration of policy in finance and related areas such as accounting and research and seeks to influence the application of administrative procedures in these areas.

Responsibilities and Activities

Support the preparation of the annual Financial Information of Universities and Colleges (FIUC) report:

• Annually review the appropriateness of the FIUC Guidelines and modify these as required
• Annually review the FIUC reporting process to facilitate and simplify reporting across jurisdictions
• Ensure a liaison with regional finance groups to harmonize where possible regional and national reporting requirements.
• Encourage the organization of regional forums to review and validate members’ data submissions.
• Provide expert advice and support to the CAUBO National Office for questions arising from the validation and consolidation of submitted data.
• Ensure a liaison with report users so as to understand their needs and determine how best to meet them.
• Oversee the quality of report publications and ensure a broad distribution of the information.

Provide expertise and advice on the financial management and administration of research:

• Maintain links with major research funding bodies, and represent members’ interests regarding financial reporting required by these bodies and the eligibility of expenditures.
• Encourage harmonization, clarity and simplicity of financial management and reporting requirements of government and other funding bodies, thereby facilitating compliance and reducing the administrative burden on institutions.
• Maintain links with CAURA.
• Sharing best practices in research administration.
• Provide information to members regarding research administration.

Monitor developments in CICA requirements and assist members in remaining current:

• Monitor activity of the CICA not-for-profit advisory committee and communicate developments of interest to members.
• Analyze and provide comments on proposed CICA Exposure Drafts.
• Provide support to members in the implementation of existing and new requirements in the form of training materials, documentation, webcasts, or other means.

Monitor and comment on areas of emerging development and need in financial management of universities (e.g. debt management, budgeting and planning techniques, e-payments etc).

• Undertake analyses and prepare reports in support of decision-making in universities(eg. post-retirement benefits, effect of entities not consolidated).

Provide a forum for the communication of information and best practices in financial management, research administration and reporting for higher education institutions:

• Provide advice and assistance for the preparation of the CAUBO annual conference in areas falling under these terms of reference.
• Maintain a listserv for sharing of queries and information among university and college financial officers.
• Maintain a section of the CAUBO website with links to members’ financial statements and other material of interest.
• Provide a forum for training and communication.