Finance & General Purposes

Chairperson  Ms Deborah Goodwin OBE
Secretary  Marguerite Nolan, Committee Support Officer

CONSTITUTION AND TERMS OF REFERENCE 

Constitution

The Constitution of the F&GPC is as follows:

Ex-Officio:
Chair of Council
The Director of the Institute
Two members from among the Appointed Members of Council (other than student members)
Two members from among the Elected Members of Council (other than student members)
Three members from among the Co-opted Members of Council
One Student Member of Council 
One Co-opted Qualified Accountant
In attendance:
The Pro-Director: Strategy and Organisation and the Director of Finance and Estates

The quorum shall be 40% of the total membership, of which at least two must be lay members

Terms of Reference

The Council has appointed a Finance and General Purposes Sub-Committee (F&GPC) and has delegated to it overall supervision of the Institute's finances.  The F&GPC exercises such powers as may be delegated to it by the Council and considers other matters relating to the general, non-academic management of the Institute which do not fall within the terms of reference of other committees.  F&GPC meets at least three times a year and reports regularly to the Council.  The terms of reference of F&GPC are as follows:

Financial Responsibilities

(i) To monitor and review the Institute's systems for financial administration and to make recommendations to the Council as appropriate. 

(ii) To review and make recommendations to the Council on five-year forecasts, annual expenditure estimates and budgets in the context of the Institute's academic and strategic plan.

(iii) To approve the Director's Annual Report as included in the Institute's Financial Statements.

(iv) To monitor the financial performance of the Institute and make recommendations thereon to the Council. 

(v) To monitor and review the security arrangements for cash and other assets and to be responsible for the appointment of the Institute's bankers and insurers and to monitor the Institute's banking and insurance arrangements.

(vi) To approve and keep under review the Institute's financial regulations and procedures.

(vii) To monitor the Institute's investments performance through the Investments Committee.

(viii) To approve individual items of non-staffing expenditure of less than £1 million and more than £100,000 from within approved revenue estimates and expenditure, in excess of £20,000 not included in approved revenue estimates or not provided for in revenue reserves.

(ix) To approve draw down on overdraft facilities in line with limits agreed by Council.

(x) To approve the disposal of all assets with a book value in excess of £20,000 up to £500,000.

(xi) To review annually the finances of the Student Union and to approve its annual financial statements and its annual grant from Institute funds.

(xii) To approve the level of tuition fees, halls of residence fees, room letting charges, and other fees and charges as appropriate.

(xiii) To monitor and review the level of overhead charges on research grants contracts and other projects.
 
Staffing Responsibilities

(i) To review annually the Institute's performance against the corporate targets in the Human Resources Strategy.

(ii) To monitor, review and approve staff pay awards and material changes in terms and conditions of service affecting groups of Institute staff.

(iii) To approve individual instances of early or ill health retirement causing a financial strain to be met by the Institute. 

(iv) To monitor the effectiveness of staff training and development.