View source for Finance Sub Committee Remit

The Finance Sub-Committee (FSC) is a sub-committee of the Freegle Board.  

The Board delegates authority for approving certain expenditure to this sub-committee, within clearly defined areas and up to certain limits.  This allows routine expenditure to be approved more quickly, without a full poll of the Board, while ensuring that unusual financial activity is referred to the full Board, with whom ultimate financial responsibility rests.


====Role====
To approve expenditure within the levels of authority delegated by the Freegle Board.

====Membership====
*The FSC will comprise the Treasurer and 3 members of the Board who are not budget holders.
*The Board will at their first meeting following the AGM each year, determine members of the Sub-Committee until the next following AGM.
*The Board from amongst their members will fill casual membership vacancies that might occur. A casual vacancy would be created by a member resigning mid term or being unavailable for an extended time, meaning the sub-committee can’t function appropriately.

====Working space/decision making process====
*Meetings: A confidential group will be used to discuss and make decisions via messages and polls on that group as and when required.  This was previously  https://groups.yahoo.com/neo/groups/FreegleFSC/info and is now https://groups.io/g/FreegleFSC; email address finance@ilovefreegle.org  
*One member of FSC will be agreed by the members to be responsible for manning the mailbox and setting up/closing polls.
*Level 2 Expenditure requests will be polled on by all four members of FSC - a simple majority and a 48 hour time limit will apply.
*Members will tell FSC if they are going to be unable to access the group for a period of time.
*The messages and poll results on the group will not be deleted and will be kept as a record of decisions. *Rejections of requested payments and any Finance Policy or procedural discussions will be reported  to the Board.
*The Treasurer will normally be required to take part in all decisions. 
*If there is deemed to be a conflict of interest for any member, that member must not be part of the meeting/decision relating to them.

====Delegated Authority (DA) Levels on Freegle Budgets====
*Level 1: DA direct to the Treasurer for known expenditure within the agreed budget - e.g. regular payments to individuals, insurance, expenditure against restricted donations etc.  The FSC won't be involved with this DA level.
*Level 2: DA to FSC within agreed budgets and/or time periods with the approval for the spend coming from the budget holder - e.g. Media Director could request spend against their media budget, but not against the IT budget, and Platform Developer vice versa.
*Board to agree DA Levels as part of approving each annual budget, as prepared by the Finance Director or the Board if that role isn't filled.

====Links====
*This document was adopted by the Board at their meeting in July 2017. 
*[[Document Approval Policy]].
*[[Finance Policy]]
*[[Conflicts of Interest Procedure]]
*[[Glossary]]
*[[Finance Procedures]]


[[category:Policies, Procedures, Remits]]
[[category:Finance]]