operations:governance:sub_committees:finance_terms_of_reference [Hacman DEMO ONLY]

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# THE FINANCE SUB-COMMITTEE

## Individual Terms of Reference 

### 1. Purpose

    The Committee shall act on behalf of the Board of Directors to carry out, although not
    exclusively, the following functions:-
    
    1.1 to oversee financial planning and make recommendations to the Board of Directors
       accordingly;
    
    1.2 to safeguard organisational assets;
    
    1.3 to monitor that funds are adequate and available for the strategic plan;
    
    1.4 to anticipate in resolving financial problems;
    
    1.5 to ensure that accurate and complete financial records are kept;
    
    1.6 to ensure that the Board of Directors receives accurate and timely financial reports;
    
    1.7 to facilitate all Board members to understand financial statements as well as the
       general financial situation of the organisation;
    
    1.8 to work with the Space Accountant to ensure that the statutory financial reporting and
       compliance regulations are duly satisfied;
    
    1.9 to act as signatories for the Manchester Makers bank account
    
    1.10 to carry out cash ups and bank runs for depositing of cash
    
    1.11 To have the delegated power to approve any expenditure up to £300 without board
       approval.

### 2. Membership
    The Committee shall be made up of: 2 Members of the Board of Directors and no fewer than
    three long term members of the Space (this is defined as members who have held
    membership in the space for at least 2 years). In attendance shall be the accountant to the space and the Board Treasurer if not a member

### 3. Frequency of meetings
    The Committee shall meet every 2 months, generally in months where a meeting of the Board
    of Directors or Members Meeting is not scheduled to take place.

### 4. Additional meetings
    Additional meetings of the Committee may be called by the Chair of the sub-committee at the
    request of the Board of Directors.

### 5. Authority
    This committee is authorised to:
       Appoint an accountant and where appropriate an auditor for the Space
       To approve any expenditure up to £300


To act as signatories to any Bank accounts held by Hackspace Manchester