Financial Responsibility and Accountability Procedures

Roles and Responsibilities

1. Board of Governors (the Board)
   
   
   
   1. Establishes policies and procedures that govern the financial operations of the College
   
   
   2. Approves the annual, capital, and operating budgets, including strategic initiatives
   
   
   3. Approves changes to the main banking service provider, including short term borrowing
   
   
   4. Approves long-term borrowing for the purpose of acquiring land or construction, repairs, furnishing or equipping a building or other structure for use by the College, in accordance with the College and Institute Act. Final approval of long-term borrowing is granted by the Ministry.
   
   
   5. Delegates its authority as required for financial management
   
   
   6. Monitors financial performance and overall organizational health
   
   
   7. Approves the recommendation from the Finance & Audit Committee to appoint an auditor to provide an independent opinion on the annual financial statements
   
   
   8. Approves signing authorities for banking and short term borrowing upon recommendation of the Chief Financial Officer
   
   
   
   


2. Finance & Audit Committee (the FAC)
   
   
   
   1. Advises the Board on matters relating to financial planning, the audit process, financial reporting, the system of corporate controls and risk management, and when required, makes recommendations to the Board for approval.
   
   
   
   


3. President and Chief Executive Officer (the President)
   
   
   
   1. Develops the annual, capital, and operating budgets, including strategic initiatives
   
   
   2. Delegates budgetary responsibility and accountability
   
   
   3. Monitors financial performance and overall organizational health
   
   
   4. Advises the Board of any significant financial or risk matters arising, and provides a mitigation strategy
   
   
   
   


4. Chief Financial Officer (the CFO)
   
   
   
   1. Directs the development, maintenance and communication of all financial controls, including the management of systems, reporting, policies and procedures
   
   
   2. Develops a budgeting process which includes opportunities for input from operational areas
   
   
   3. Develops and implements an annual operating budget, which includes capital and strategic initiatives
   
   
   4. Provides authorization to open bank accounts in the name of “Vancouver Community College”
   
   
   5. Where appropriate, delegates responsibility for the implementation of financial processes
   
   
   6. Develops, trains and provides financial reporting tools and processes for those who have financial accountability
   
   
   7. Monitors financial performance and overall organizational health
   
   
   8. Advises the President and Board on all financial matters, and any significant financial or risk matters arising, and provides a mitigation strategy
   
   
   9. Opens new bank accounts, as delegated by the Board
   
   
   
   


5. Senior Administrators
   
   
   
   1. Develop an annual operating budget, which includes capital and strategic initiatives for their area of responsibility
   
   
   2. Where appropriate, delegates responsibility for the development of departmental and/or operating budges to Deans, Directors, Associate Directors or other assigned Budget Officers
   
   
   3. Advise the CFO of any significant financial or risk matters arising
   
   
   
   


6. Budget Officers
   
   
   
   1. Develop an annual operating budget, which includes capital and strategic initiatives for their area of responsibility
   
   
   
   

Banking Process

7. All cheques must be signed by two officers as established by a resolution of the Board.


8. Banks accounts can only be opened in the name of Vancouver Community College.

Budget Process

9. The vision, values, and strategic plan of the College shall provide guidance for development of the budget.


10. The budget shall be developed with a long-term view to financial and operational stability.


11. The process of developing the annual budget will have a broad base of input from operational areas.


12. The Vice President Academic and Applied Research will seek the advice of Education Council prior to finalizing the enrolment plan.


13. The Board Finance & Audit Committee will provide recommendation for approval of the budget.


14. The Board of Governors will give final approval to the budget.