Charter of the Financial Oversight Committee

# Charter of the Financial Oversight Committee Last updated: 2023-03-27 URL for this page: https://hackmd.io/@investinopen/financial-oversight-charter URL for this site: https://hackmd.io/@investinopen/how-we-work DRAFT CHARTER, 2022-04-13 ## Committee Description and Purpose The Invest in Open Infrastructure (IOI) Financial Oversight Committee was established to support IOI leadership on ensuring compliance and administration of the organization, providing oversight on financial and organizational items. The Committee is an independent, voting governing body of IOI. ## Key responsibilities & Duties The following are activities of the Committee designed to promote the fulfillment of its purposes as described in this Charter. These activities are set forth as a guide with the understanding that the Committee may diverge from this guide as appropriate should the need arise. Committee responsibilities may include the following: - Financial management and budgetary oversight - Oversee compliance with legal obligations and IOI policies - Provide input on public disclosure of IOI financials, where appropriate - Help IOI monitor financial performance and use of budget - Play an active role in ensuring the financial health and sustainability of IOI Specific tasks: The Committee shall: - Provide oversight over IOI’s annual budget process and submit for the Steering Committee’s review and approval an annual budget for the organization - Work with IOI Leadership to prepare financial reports and statements for public disclosure, where possible - Review material expenditures and investments made by the organization. The initial threshold for materiality will be expenditures and investments over $150,000 or some other reasonable threshold amount as subsequently decided by the Committee - Work with IOI Leadership and Code for Science & Society’s financial and operational staff to prepare and review financial reports of the organization on a periodic basis - Exercise oversight of the Organization’s process for monitoring compliance with legal and regulatory requirements, including privacy and data processing requirements and policies - Periodically review and assess the adequacy of the Committee’s charter and make recommendations to the Steering Committee of any changes that may be necessary. - Attend to such other matters as the Steering Committee may from time to time determine. - Maintain minutes of Committee meetings and report regularly to the Steering Committee. ## Committee Membership & Structure This Committee consists of three to five members, in addition to the IOI Executive Director, and (to be appointed) Chair and/or Vice Chair. The Governance & Nominating Committee recommends that the Chair of this Committee be a non-US resident. ## Procedures ### Meetings The Committee will meet at a minimum, quarterly. Committee members should work with IOI’s Executive Director to identify a suitable recurring meeting time. Additional meetings may be scheduled on an as-needed basis. ### Recruitment Recruitment for this Committee will be led by the Governance & Nominating Committee, in collaboration with the IOI Steering Committee and Executive Director. It is contingent on appointing Chair and other officer positions. ### Communications A meeting agenda and all materials required to prepare for an upcoming Committee meeting will be provided at least a week in advance. Committee members can choose to invite IOI staff members and/or Code for Science & Society officers and staff (e.g., Steering Committee members, Chief Financial Officers, operations staff) to join a meeting when needed. Following each meeting of the Committee, a summary detailing decisions made and key topics discussed will be forwarded to Committee members, Steering Committee members, and IOI leadership. Meeting summaries will be posted online on IOI’s website as documentation. ### Periodic Review This charter, any additional governing documents, and the make-up of the Committee will be reviewed at least annually to determine if any changes are needed to any aspects of the Committee’s structure, membership, or operating procedures. --- ## See also * [IOI Financial Oversight Committee meetings](https://hackmd.io/@investinopen/financial-oversight-meetings) * IOI's [Who we are](https://investinopen.org/about/who-we-are/) webpage * Archived copy of this page (via the Internet Archive's Wayback Machine): https://web.archive.org/web/*/https://hackmd.io/@investinopen/financial-oversight-charter --- This page first published: 2023-03-01 --- <a rel="license" href="http://creativecommons.org/licenses/by/4.0/"><img alt="Creative Commons License" style="border-width:0" src="https://i.creativecommons.org/l/by/4.0/88x31.png" /></a><br />This work is made available under a <a rel="license" href="http://creativecommons.org/licenses/by/4.0/">Creative Commons Attribution 4.0 International License</a>. 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