University of Calgary. Business and Finance Committee

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University of Calgary. Business and Finance Committee

The terms of reference for the Business and Finance Committee were approved on February 13, 1968 and were expanded in September 1974 to include the following: a) Responsible for recommending to the Board annual operating and capital budgets; b) Responsible for review and recommendations to Board of all business procedures and policies that require Board approval; c) Review and, if necessary, recommend to the Board on all matters affecting financial statements, budget control, budget reports, and budget procedures; d) Responsible for recommending to the Board policy covering the investment of University and trust funds; e) Responsible for recommendations to the Board on tuition fees for subsequent transmission to the Government for approval; f) Responsible for review and recommendations to the Board on all matters concerning physical planning, assessment of priority, space allocation, site development, long-range campus planning and other matters affecting the physical assets of the university; g) Responsible for the general supervision of construction after the Board has accepted a tender; and h) Responsible for reviewing current standards and procedures for design and construction and recommending appropriate changes to the Board. In September 1974, the Capital Development Committee was disbanded, and the areas of responsibility previously handled by the Capital Development Committee were transferred to the Business and Finance Committee. The terms of reference for the Business and Finance Committee were revised again in 1976, at which time this committee became responsible for overseeing the activity of the University Arts Policy Committee. The Board of Governors approved the establishment of two sub-committees of the Business and Finance Committee. In October, 1976 the Investment Committee was created, and this was followed in November 1978 by the establishment of the Audit Committee. (In December 1986, the Audit Committee became a standing committee of the Board of Governors.); In September 1982, there was another re-organization of Board committees. At that time, the terms of reference for the Business and Finance Committee were rescinded, and new terms of reference were approved for the Finance Committee and the Business and Building Committee. The newly created Finance Committee assumed the duties of the Business and Finance Committee.