University Calendar 2016/17
Section II : Committees of the Council


PREFACE
CONTENTS
SEMESTERS
SECTION I
SECTION II
SECTION III
SECTION IV
SECTION V
SECTION VI
SECTION VII
SECTION VIII
SECTION IX
SECTION X
SECTION XI
SECTION XII
SECTION XIII
SECTION XIV
SECTION X
SECTION XI
SECTION XII
SECTION XIII
SECTION XIV
 
ARCHIVE 2010/11
ARCHIVE 2011/12
ARCHIVE 2012/13
ARCHIVE 2013/14
ARCHIVE 2014/15
ARCHIVE 2015/16
 
Council
Committees/Council
Senate
Committees/Senate
Committees/Other
Finance Committee

Objective

As a committee of Council, to consider and make recommendations to Council regarding the University's financial plans and interests and to take into consideration both local constraints and aspirations together with the context of the wider environment of Higher Education funding, public policy and the demand for Higher Education services.

Terms of Reference
  1. To review the financial performance, future prospects and resources available to the University, to report on the principal internal allocation of resources and to recommend a budget to Council to enable implementation of plans of the University.

  2. To consider the Treasury Management Strategy annually and make recommendations to Council.

  3. To supervise the Treasury Management Policy in the following ways:

    1. to determine the policy for the allocation of funds for investment, indicating the liquidity requirements attached to the funds;
    2. to consider new investments in excess of £10 million and to make recommendations to Council;
    3. to receive, for information, reports of new investments between £1 million and £10 million approved by the Director of Finance in line with the TMP;
    4. for endowment funds, to appoint fund manager(s) and receive reports on the performance of investments under their management;
    5. to receive regular reports on the allocation of borrowing to specific projects and to recommend to Council any variance in the terms of the borrowing arrangements or in the total value of the borrowing.

  4. To appoint the University's banker(s).

  5. To monitor the University's investments in any trading activities or operations in which the University has an interest.

  6. To examine and approve the basis and structure of any trading companies which the University might propose to set up and to approve their disestablishment.

  7. To monitor the business plans and performance of the University's subsidiary companies.

  8. To examine and approve any changes to intercompany loans or share holdings, monitor changes to Directors and Board governance.

  9. To consider the University Annual Financial Statements and to make any recommendations, prior to consideration by Council. NB. The External Auditor may be invited to attend for this item of business.

  10. To consider new Capital Programmes, looking at business cases for investments over £10m, and make recommendations to Council.

  11. To monitor the current Capital Programme to ensure that significant projects are progressing to time and budget.

  12. To consider amendments to a previously approved capital project budget and to make a recommendation to Council, where the overall budget is exceeded by more than £5m, and where individual significant projects with budgets of over £10m are exceeded by 10%.

  13. To consider the acquisition of, disposal of and/or any leasing arrangements of land and buildings of estimated value in excess of £1 million and to make recommendations to Council for approvals above £10m.

  14. To receive the minutes of the Audit Committee for information.

  15. To approve fees chargeable by the University (subject to any changes in the statutory fee level being considered and recommended to Council).

  16. To consider significant changes in the University's OFFA Bursary Scheme and to make recommendations to Council.

  17. To make recommendations to Council on the writing off of debts of £250,000 and above and to note the writing off of debts between £50,000 and £250,000.

  18. To approve amendments to the Financial Regulations.

  19. To consider University policy on membership of pension schemes and to receive for information PASNAS financial statements.

  20. To monitor the Strategic and Operational Risk Registers for financial elements and to make recommendations accordingly.

  21. To review and approve the Transparent Allocation of Costs (TRAC) process and results (the annual TRAC return and charge out rates). To confirm compliance with TRAC requirements.

  22. To consider acceptance of gifts, donations, endowments and legacies made to the University.

Membership
  Chair: University Treasurer
  Chair of Council
  President and Vice-Chancellor
  One Lay Member of Council
In Attendance
  Director of Finance
  Chief Operating Officer
  Clerk to the University Council

Submitted by Corporate Services
Last reviewed: 12-Aug-2016
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