PURPOSE OF FINANCE COMMITTEE
- To advise the Board of Directors on financial matters as requested.
- To review the monthly income and expenditures of the Co-op to ensure financial responsibility, and report their findings to the Board.
- To inform Co-op members about financial policies and procedures.
- To facilitate the assessment and collection of occupancy charges.
- To ensure fulfillment of the obligations set out in the Operating Agreement between the Co-op and Canada Mortgage and Housing Corporation (CMHC).
- To assist the Board with long-term financial forecasting.
The Finances of Helen’s Court Housing Co-op are the responsibility of the Board of Directors. The Board of Directors, in turn, is advised by a volunteer Finance Committee and a paid Finance Manager. The Committee is composed of at least 4 general members and is chaired by the Treasurer who is also a member of the Board. The Finance Manager attends all meetings of the Finance Committee. The Finance Committee meets at minimum 10 times per year (monthly), with a summer break) reports to the Board of Directors once a month, and reports to the members at least once a year. Interested members are always invited to join the Finance Committee.