Finance Committee

Background

At its May Planning Day in 2006 the Board agreed that there is a need for PHAA to access additional financial advice. Subsequently the Finance Committee was put in place.

Terms of Reference

The Finance Committee has the following Terms of Reference:

1. To assist the Board in fulfilling its oversight responsibilities regarding financial matters by reviewing and making recommendations to the Board, including but not necessarily limited to:
   • oversight of the annual budgeting process and endorsement for Board approval;
   • scrutiny of the monthly financial management reports and the end of year audited accounts; and
   • strategic guidance to the Executive Director and Board for improved financial management and reporting.
2. Other projects as requested by the Board from time to time.

Committee Members

The Finance Committee members are:

• Phillip Schmaal - (Chair) Vice President (Finances) Currently the Director Amana Living WA. Was the Director of Corporate Services, Cancer Council of Western Australia for six years. Has worked on boards and committees for a number of not-for-profit organisations including the Mental Health Law Centre (WA) and Greening Australia, as well as in the private sector.
• Jason Chequer - financial planner and prior to that an accountant, 15 years experience in these areas.
• James Semmens - Director of the Centre for Health Services Research, School of Population Health, University of Western Australia.
• Natasha Cuffe - Financial manager located in Sydney, was a Chartered Accountant prior to that.

In general discussion about the draft terms of reference the Committee has agreed that its essential purpose is to provide guidance to the National Office and advice to the Board, it is not about raising funds nor about setting the organisations priorities or dealing with national/state issues.

Workplan

The Finance Committee's current workplan is focused on determining a (relatively) safe investment for a proportion of the PHAA reserve funds in order to increase the investment returns over the medium to long term. The Committee is seeking to place a recommendation before the Board for the 2007-2008 financial year, noting that any investment must be for a minimum 5 to 7 years.

Finance Committee Achievements

The Finance Committee has, since its inception reviewed the 2005-2006 audited statement and the monthly accounts. No recommendations for change have been made to date.

The Finance Committee also scrutinised the proposal for the Population Health Congress and the proposals for changing the PHAA IT systems and the subsequent tender process.

Last updated 14 May 2007