Know Your National – Financial Oversight Committee

By Kerri Loudoun, Communications and marketing Portfolio Leader (kerri.loudoun@skipatrol.ca)

In our article series, we’ve provided an overview of who is involved at the national level of the CSP, and descriptions of the board of directors, the national management committee and the medical advisory committee.

Next, we would like to showcase the financial oversight committee or the FOC. This article will outline the structure of the FOC, its function and operation process, and who is on this committee.

Financial oversight committee (FOC): An overview

The FOC ensures the financial integrity and accountability of the organization. It operates as a crucial component of the financial governance framework.

The committee is comprised of financial professionals and accountants with expertise in areas such as audit and assurance, consulting, corporate management, financial and investment advisory, risk advisory and tax.

FOC must be financially literate, with skills in areas such as financial analysis, auditing, risk management, and corporate governance. The ability to analyze complex financial data, understand regulatory requirements, provide strategic financial oversight and communicate effectively is crucial to the committee. FOC members have a firm foundation and understanding of financial statements as well as a strong grasp of accounting principles, audit processes, tax regulations, budgeting, forecasting and financial reporting standards. Knowledge of risk management practices, internal controls, and regulatory compliance is also critical, as the committee plays a significant role in supporting these functions within the organization.

Meeting structure and frequency

Internally, the committee meets several times throughout the year, particularly during the budget review process, to ensure thorough oversight. Additional meetings are scheduled as necessary to address urgent matters. The meetings are primarily conducted virtually, allowing members to participate from various locations, ensuring accessibility and timely discussions. The structure of the meetings is methodical, beginning with a review of the agenda, followed by discussions on pre-scheduled items. These items include financial reports, audit plans, and risk management assessments. The discussions are generally proactive, focusing on financial issues, although specific discussions are held when necessary to address immediate concerns.

Externally, the committee meets with professional audit firms, legal firms, and investment advisors.

Core responsibilities:

The committee’s core responsibilities revolve around providing oversight of the following:

• Financial reporting: Ensuring the accuracy, completeness, and transparency of financial statements.
• Audit processes: Reviewing and approving audit plans, assessing auditor independence, and addressing any audit findings.
• Risk management and governance: Evaluating the organization’s risk management framework and internal controls related to financial reporting.
• Budget oversight: Reviewing and recommending the operating budget, monitoring expenditures, and providing financial advice.

The FOC reviews a wide range of financial items, including the organization’s financial statements, audit reports, budgets and investment statements. These items are typically submitted by the national management committee, divisions and zones.

From June to September, the committee undertakes extensive work in reviewing all financial reports, aggregating this data for inclusion in the Canada Revenue Agency’s T3010 Registered Charity Information Return. This period is critical, as the FOC meticulously analyzes financial statements from all patrols, zones and divisions to ensure comprehensive and accurate reporting in order to meet the CRA filing requirements.

How are committee members selected and how long do they serve on the committee?

The FOC is a standing committee of the board of directors. It serves as an independent, objective and autonomous body, liaising between the board of directors, management and external auditors.

Members of the committee are professionals in the field of finance, who are appointed by the board of directors based on referrals from organizational leadership.

FOC members serve an initial term of six years. Extensions beyond this period are contingent upon the ongoing professional commitment of each member. This ensures that the committee retains a high level of expertise and continuity in its oversight functions.

The current committee has four members.

Members interested in joining the FOC should contact the committee chair directly for vetting prior to board submission.

Ad-hoc projects and committees

In recent years, the committee has been involved in several ad-hoc projects and committees, focusing on areas such as financial risk management, internal controls enhancements, and the development of financial governance frameworks. These projects are often initiated in response to emerging issues or changes in regulatory requirements, with the FOC providing strategic oversight and guidance.

Impact on individual patrollers

The work of the FOC, while primarily focused on high-level financial oversight, has a direct impact on individual patrollers. By ensuring the financial health and regulatory compliance of the organization, the FOC helps secure the resources necessary for operational activities, training programs and safety initiatives that benefit patrollers. Additionally, the committee’s work in maintaining financial transparency and integrity upholds the trust and confidence of all members, including those not in leadership positions.

FOC members

Below is a list of the current committee members. We asked each individual to share a little about themselves so you can get to know each person better.

Click on each name to expand their profile.