Finance & Audit Committee definition
Examples of Finance & Audit Committee in a sentence
In addition, the Finance & Audit Committee shall make recommendations to the Board on the following: (i) finances, budgets, and budget amendments; (ii) audits of CIWW finances and CIWW records; (iii) rates and charges to Member Agencies; and (iv) such other duties as may be assigned by Board resolution.
The Finance & Audit Committee shall be chaired by a voting member of the Committee elected by vote of the voting members of the Committee.
The Finance & Audit Committee shall include the Executive Director or his or her designee, and contracted Third-Party Advisors of the Board, neither of which will be a voting member of the Committee.
The Product Group, with approval of the Finance & Audit Committee, may establish a maximum balance for the prize reserve account(s).
If MUSL is unable to collect all funds in a timely manner for the transfer to the winning lottery(ies), the MUSL may borrow the funds from other appropriate Mega Millions Product Group cash reserves, or from MUSL Operations Account, following notice to the Product Group Officers, the Finance & Audit Committee, and the Executive Committee.
Therefore, the Ministry will, where possible, consult with the Board’s Finance & Audit Committee on potential auditing activity.
If MUSL is unable to collect all funds in a timely manner for the transfer to the winning lottery(ies), the MUSL may borrow the funds from other appropriate Mega Millions Product Group cash reserves, or from the MUSL Operations Account, following notice to the Product Group Officers, the Finance & Audit Committee, and the Executive Committee.
In the event that the Tenax Schools Trust wishes to increase or decrease contribution levels, this is to be done by approval from the Trust’s Finance & Audit Committee with effect from the beginning of a financial year or by negotiation if within the financial year.
If at any time during the fiscal year, the Executive Director has reason to believe that the actual costs will be significantly over or under the approved budget, the Executive Director shall prepare and submit a supplemental budget to the Finance & Audit Committee with an explanation of the reasons for the variance and a revised estimate of the costs required.
The Finance & Audit Committee shall have the authority to grant an estate’s request for acceleration of the payment of all remaining lottery prize proceeds unless such authority is specifically reserved by a product group.