Finance Committee

Fiscal Year: 2010

Chair: Robert E. Denning

Members:

• Dianne Bennett
  
• Donald K. Boswell
• Randall L. Clark
• Jeremy M. Jacobs, Jr.
• Ross B. Kenzie
• Gerard T. Mazurkiewicz
• William I. Shapiro
  

Meeting Schedule: October, February, April, Jun, as practicable

Purpose: The Finance Committee helps the boards of University at Buffalo Foundation and Affiliates (UBF) discharge and perform their duties and responsibilities by working with corporate management and by providing advice and input to the boards regarding the management of the financial affairs, as appropriate, including:

• Identifying, assessing and managing financial risks and uncertainties;
• Continuously improving financial systems;
• Complying with legal and regulatory requirements;
• Assessing the overall financial health of UBF.
• Such duties are intended to complement, and not overlap with, the work of other committees such as Audit and Investment.

In so doing, it is the responsibility of the Finance Committee to maintain free and open communication with all board members, the UBF business office, and other officials engaged in managing UBF.

All members shall have a basic understanding of financial matters and be able to read and understand various financial reports, and at least one member of the committee shall have finance and related financial management expertise.

Charge: The Finance Committee will perform its duties in accordance with UBF's mission "to support and promote the activities and programs of the University at Buffalo, State University of New York."

The Finance Committee's duties and responsibilities are to:

1. Review and recommend the annual financial plan for UBF.
2. Review and recommend the annual capital plan for UBF.
3. Review, from a financial perspective, major projects introduced during the year which would involve significant changes in the financial or capital plans approved for that year.
4. Develop, monitor, and maintain a three to five year long-range financial plan UBF.
5. Monitor actual financial activities in comparison to the financial and capital plans.
6. Review the financial condition of UBF, assess financial risks and ensure proper compensation for risks assumed. Recommend to the boards financial policies and long-range objectives to mitigate financial risks, recognizing that the Investment Committee is charged with managing the risks associated with the investment portfolio.
7. Review and recommend to the boards policies or any necessary policy amendments related to tax regulations or financial policies and standards proposed by management.
8. Review the financing requirements of UBF and evaluate management's proposals for timing and funding vehicles to support such financing requirements and recommend, as appropriate, specific financing arrangements to the boards.
9. Review and recommend to the boards an adequate level of reserves to fund contingencies.
10. Submit reports of all meetings to the boards.
11. Review this charge annually or more often if necessary and recommend changes, if any, to the boards and perform any other activities consistent with this charge that the boards deem appropriate.
    

Staff Support: Elaine C. Schaffer, Edward P. Schneider, James A. Willis