Approved by the Board of Directors August 26, 2025
Approved by the members December 16, 2025
This committee policy replaces a 2019-2020 document.
1. Committee Role
The Finance Committee is a committee of the board.
The Finance Committee with the Treasurer discusses, reviews and helps develop recommendations on financial matters. The Treasurer takes recommendations to the Board for discussion. The Board of Directors makes final decisions.
The Organizational Bylaw describes the role of the Board relating to finance and the Finance Committee with the Treasurer will help the Board with these tasks:
- Developing and presenting operating and capital budgets
- Advising the Board about financial decisions for the co-op within the budget and by-laws
- Recommending to the Board about long-term financial planning based on expected future needs of the co-op
- Ensuring that the co-op has a current building condition assessment, a current reserve fund study and an asset management plan
- Reviewing any recommendations from the auditor and ensuring they are implemented
- Reporting to the members on the co-op’s finances, budgets and reserves
The Finance Committee will review the monthly financial reports and report any budget discrepancies or unusual transactions to the board via the treasurer.
The committee may from time to time suggest to the board, via the treasurer, changes to the accounting procedures which could enhance the integrity of the financial reporting.
The committee may be asked by the board to carry out other tasks from time to time.
The committee will assist the Board in adhering to the bylaws and policies that govern finances and spending in Woodsworth. The committee may develop other bylaws and policies.
Committee members are encouraged to expand their knowledge of co-op finances. There are some useful resources on the website of the Agency for Co-operative Housing and our co-op federations offer courses and other learning opportunities.
2. Committee Membership
Unless the Board decides differently, the committee will not exceed six (6) members.
Only two (2) Board members will be on the committee: the treasurer and one other board member. Up to four (4) other committee members are volunteer Woodsworth members who are appointed by the Board.
The committee will be chaired by the treasurer who will normally schedule the meeting.
The committee will attempt to operate by consensus. If requested by a committee member, the rules of order in the Organizational Bylaw will be followed. If there is a vote, all committee members including the chair will have one vote. A tie vote fails.
The committee will not have the ability to spend any money, authorize any expense, enter into any contract or commit the co-op to any agreement or action, The committee can submit a budget request for the operating budget subject to bylaws and the approval of the Board of Directors.
3. The committee reports to the board
• The committee is expected to meet at least four (4) times a year.
• The treasurer will schedule the meetings as required.
• The committee will write a report to the board after each meeting.
4. Quorum and attendance
The quorum for committee meetings will be 50% of committee members including the chair.
Committee members are responsible for attending all meetings, for being punctual, for performing an equal share of assigned tasks, and for contributing to decision-making.
If unable to attend, members should give prior notification to the chair.
If a member misses three (3) consecutive meetings, without giving prior notification or having suitable justification, their position on the committee will be reviewed with sufficient notice to all committee members and they may be asked to resign.
5. Confidentiality, privacy and conflict of interest
The committee will have access to the monthly financial reports from the treasurer.
The committee members are bound by the articles of the Organizational Bylaw for confidentiality and conflict of interest. Committee members must sign the Confidentiality and Conflict of Interest Agreement within ten (10) days after they become members. A signed copy must be given to the manager. People who fail to do this are automatically removed from the committee.
The committee will keep internal discussion confidential especially if information is shared when discussing impact of proposals.
The confidentiality requirement applies while a committee member as well as when the person no longer has that position or any connection with the co-op.
The committee members must be familiar with human rights and disability legislation. If requested, they will participate in a orientation, presentation or online course.