PURPOSE

The Finance Committee is to maintain a running budget of each of the Real Property Institute of
Canada (RPIC) initiatives and provide updates to the Board.

OBJECTIVES

The Finance Committee is to:

• Develop and maintain the overall annual operational budget for the Institute;
• Develop and maintain budgets for each RPIC initiative;
• Work closely with the Chairs from each Committee and ensure timely updates; and,
• Provide updates to the Board outlining any significant changes or concerns.

RELATIONSHIP TO OTHER COMMITTEES

The Committee reports to the Secretary/Treasurer. The Committee works closely with the Community Development and Outreach Program and the Professional Development Delivery Program, including the Chairs of the Real Property National Workshop, Regional Workshop and the Federal Contaminated Sites National Workshop. The Committee receives assistance from the Executive Secretary.

ROLES AND RESPONSIBILITIES

The Committee strives to fulfill its mandate through the following activities:

• Develop and manage an annual budget as approved by the Board of Directors complete with each initiative and National Office costs broken down in detail;
• Ensure that financial targets in the Institute’s operating budget are met or exceeded; and,
• Produce a Financial Report for inclusion in the RPIC Annual Report by September 30th of each year.

SECRETARIAT

The Willow Group will be responsible to support the Finance Committee, including the following:

• Maintain the annual operational budget for the Institute showing budget and actuals and provide a detailed report and a monthly summary report to the Treasurer;
• Develop and maintain the budgets for each committee and flag any issues with the committee Chair; and,
• Work with the auditor and submit the audited financial statements to the Board for approval and presentation at he Institute’s AGM.