This document contains policies and procedures approved by the Board of Directors of the Financial Management Institute of Canada, Fredericton Chapter. These policies are for the guidance and conduct of all members, members of the executive, and members of the board of directors.

The effective date of each policy is as stated.

Revised and approved by the Board of Directors - 4 May 2010
(Originally approved 1 December 1994)
Approved at the General Meeting – 13 May 2010

DUTIES OF MEMBERS OF BOARD OF DIRECTORS

The following defines the roles and expectations of members of the Board of Directors of the Fredericton Chapter of the Financial Management Institute of Canada.

The purpose of this document is to ensure that all members or potential members of the Board of Directors or Executive are aware of and accept responsibilities associated with their positions. This should, in turn, ensure smooth functioning of the organization.

BOARD OF DIRECTORS

• Participate in and represent the interests of the general membership at monthly meetings of the Board of Directors. Board members not attending fifty percent of monthly board meetings may not be asked to serve in the following year.
  
  
• Participate on committees of the Chapter.
  
  
• Assist in planning of professional development seminars and monthly speaker luncheons.
  
  
• Support Chapter activities.
  
  
• Help to promote the Financial Management Institute, the Fredericton Chapter specifically and its program functions.
  
  
• The current active committees of the chapter are:
  
  
  • Program Committee
  • Nominating Committee
  • Strategic Planning Committee.

PRESIDENT

• Represent the interests of the chapter as its spokesperson.
  
  
• Arrange, organize and plan agendas for monthly meetings of the chapter Board of Directors.
  
  
• Preside over monthly Board meetings and all general chapter events.
  
  
• Monitor all activities of the chapter to ensure consistent operations are maintained for the on-going development of the chapter as a consistent, viable operation.
  
  
• Send letter of thanks to guest speakers.
  
  
• Ex-officio member of chapter committees.
  
  
• Represent the chapter on the FMI National Board of Directors, or ensure the chapter is represented at Directors’ meetings, etc. as required by FMI National.
  
  
• Maintain on-going correspondence with FMI National relating to specific requirements of the chapter.
  
  
• Chair and select members of the Strategic Planning Committee

1st VICE - PRESIDENT

• Represent the interests of the Chapter on behalf of the President in his/her absence.
  
  
• Preside over Board and general meetings in the absence of the President.
  
  
• Co-Chair the Program Committee and help select Committee members.
  
  
• In conjunction with the Program Committee and in consultation with the Board of Directors, plan and organize the professional development days/half-days that the Program Committee will undertake and execute.

2ND VICE - PRESIDENT

• Represent the interests of the Chapter on behalf of the President in the absence of both the President and the 1st Vice-President.
  
  
• Preside over the Board of Directors and general meetings in the absence of both the President and the 1st Vice-President.
  
  
• Co-Chair the Program Committee and help select Committee members.
  
  
• In conjunction with the Program Committee and in consultation with the Board of Directors, plan and organize the monthly luncheon program that the Program Committee will undertake and execute.

SECRETARY

• Distribute notices of renewal for annual dues to members in August of each year.
  
  
• Prepare and distribute membership applications to other parties as advised.
  
  
• Maintain database of chapter members:
  
  
  • Ensure that membership forms are completed annually for all paid members.
  • Enter member data (name, mailing address, employer, etc).
  • Generate reports for the Board of Directors as required.
  • Maintain mailing lists for each membership mailout.
  • Assign membership numbers and send out membership cards.
  • Send a copy of the Constitution to new members.
  • Maintain the Chapter membership history.
    
    
• Forward dues paid to Treasurer.
  
  
• Forward mailing lists to National following the schedule as requested by National.
  
  
• Prepare and distribute minutes of all meetings of the Board of Directors and/or the Executive on a timely basis.
  
  
• Distribute Agenda for general meetings of the Chapter membership.
  
  
• Prepare and distribute minutes of general meetings of the Chapter membership.
  
  
• Distribute notices of luncheon, general meetings and social events to the Chapter membership.
  
  
• Notify membership when Chapter Annual Report is posted to the web-site.
  
  
• If unable to perform any of these responsibilities, ensure alternative arrangements are in place
  
  Inform FMI National of all members suspended from membership of the Chapter. (13/11/96)
  
  
• Maintain the up to date policies and procedures document as approved by the Board and distribute the same to all members and incoming members of the Board.

TREASURER

• Responsible for ensuring proper care and control of Chapter funds.
  
  
• Record all monies received and disbursed by the Chapter. Maintain proper books and records of account.
  
  
• Prepare bank deposits for all monies (dues and function fees etc) received by the Chapter.
  
  
• Prepare cheques and obtain two authorized signatures for payment of all Chapter expenditures.
  
  
• The treasurer is authorized to invest monies of the Chapter, in consultation with the president, in short term investments for terms not exceeding one year at prevailing interest rates. Long term investments in excess of one year are subject to Board approval. (01/12/98)
  
  
• A minimum of $5,000 in net assets should be maintained to ensure Chapter events and any potential operating deficits are funded.
  
  
• Remit to FMI National all national fees received from members (including honorary members),
  
  
• Communicate regularly with the secretary to reconcile membership numbers.
  
  
• Arrange for the completion of all forms to ensure that authorized signatures reflect any two of the President, 1st Vice-President and Treasurer of the current Executive. This should be completed before the end of July each year.
  
  
• Obtain bank statements from the bank on a regular basis and prepare bank reconciliations.
  
  
• Obtain written undertaking from the float holder for any cash floats issued to (a) confirm receipt of the float amount, (b) be responsible for, and (c) agree to repay the amount of the float at the end of the Chapter’s fiscal year. The treasurer will ensure that the cash float is repaid in time.
  
  
• Report the financial status of the Chapter to the Board of Directors on a monthly basis.
  
  
• Prepare draft financial statements and submit appropriate books and records to the Chapter auditor by July 31 each year.
  
  
• If unable to perform any of these responsibilities, ensure alternative arrangements are in place.

MARKETING DIRECTOR

• Responsible for identifying and developing opportunities for increasing Chapter membership. Examples include:
  
  
  • Maintain comprehensive distribution lists for luncheons and professional development seminars.
    
    
  • Facilitate the development and design of the poster and advertising package for each Chapter luncheon and seminar.
    
    
  • Establish departmental and agency contacts to promote the Chapter within each department and agency, and facilitate relevant speakers and topics.
    
    
  • Prepare information packages and/or presentations for groups or parties interested in the Chapter.
    
    
  • Identify potential new markets or membership opportunities and facilitate the introduction of the FMI Chapter into these areas.
    
    
• Establish relationships with other related professional organizations to facilitate sharing of resources and opportunities and promote the FMI Chapter.
  
  
• Identify and develop other opportunities for marketing the chapter including increased usage of the website and recognition of significant individuals and events in the history of the Chapter.

IMMEDIATE PAST PRESIDENT

• Prepare Annual Report for the membership and coordinate input from other responsibility areas.
  
  
• Chair and select members of the Nominating Committee
  
  
• Responsible for the promotion and public relations of the FMI Chapter and, if deemed appropriate, chairperson of a committee.
  
  
• Responsible for the membership appreciation awards.
  
  
• Assist the Marketing director as required.

STANDING COMMITTEES

NOMINATING COMMITTEE

• The Immediate Past President shall be the Chairperson of the Nominating Committee in accordance with Article 6.0 of the Chapter’s constitution.
  
  
• Poll membership and previous Directors for expression of interest to serve on the Board of Directors or Executive for the upcoming year.
  
  
• Present list of nominees to the Board of Directors for review and recommendations.
  
  
• Present nominations for the Board of Directors and Executive to a General Meeting, to be voted upon by the general membership.

PROGRAM COMMITTEE

• The Program Committee shall be co-chaired by the 1st and 2nd Vice-Presidents.

STRATEGIC PLANNING COMMITTEE

• The Strategic Planning Committee shall be appointed by the President to address the Strategic Plan and/or such other matters as he/she deems necessary
  
  
• The Strategic Planning Committee shall be chaired by the President or a member designated by the President.
  
  
• The Chairperson shall appoint members of the Strategic Planning Committee from the Board of Directors and the general membership as he/she sees fit.

REGULAR MEMBERSHIP

Pursuant to Section 3.3 of the Constitution of the Chapter, the Board approved the following qualifications for Regular Membership:

• Regular members whose annual fees are paid will be in good standing and have voting privileges.
  
  
• Annual membership fee is due and payable on September 1st. A member who fails to pay the annual fee within 60 days of receipt of the membership application shall be suspended from membership of the Chapter.
  
  
• Annual membership paid on or after 1st April, shall be valid for the remainder of the current year as well as for the following year.

HONOURARY MEMBERSHIP

The current policy is that the office holders of the following positions will be awarded honourary membership:

• The Auditor General, Office of the Auditor General
• The Comptroller, Office of the Comptroller
• The Minister of Finance, Department of Finance

When an office holder is transferred to another job, or retires, his/her honourary membership is continued to the end of the Chapter’s fiscal year (30 June) in which the change occurs.

The President shall ensure that appropriate written communication is sent to new and retiring honourary members.

PROGRAM COMMITTEE

Co-Chairpersons:

1. Once the Co-Chairs are established by election of the two Vice-Presidents, a call for volunteers should be made to the General Membership, and the Board of Directors. From the volunteers, the Co-Chairs will establish a committee consisting of such members as they deem necessary to carry out Program committee functions. These members will be in addition to any ex-officio members required by the Policies and Procedures of this Chapter, e.g. the President is an ex-officio member of all Chapter committees. This group shall constitute the Program Committee.
   
   
2. Other ex-officio members may be enlisted as needed by either the Co-Chairs or members of the Program Committee for a specific task or a specific function being held by the Chapter.
   
   
3. The Annual Program shall generally include the following:
   
   
   • Annual General Meeting to be held for presentation of annual report by the 30th September of each year;
   • One Speaker-Luncheon per month, generally to be held on the third Thursday of each month for the months between October and May, inclusive
   • A minimum of one full-day Professional Development Seminar to be held on a date determined by the Program Committee;
   • Other events as opportunities arise.
     
     
4. A survey, as well as any other means considered necessary, should be used to determine topics of interest for the Speaker-Luncheon series. Such measures should be planned for execution prior to the Annual General Meeting.
   
   
5. Using the results of these measures, a draft plan for the year can be created containing the list of potential topics, and speakers, if known. The draft plan should be submitted to the Board of Directors of the local Chapter by 30th November of each year.
   
   
6. Annual General Meeting and “general meeting”
   
   
   • The Program Committee is responsible for the planning and execution of the Annual General Meeting (September) and the general meeting (June).
   • The Annual General Meeting is open to all. The general meeting is open to members only.
   • Members’ attendance at these functions is to be free of charge.
   • Expenditures for these functions should be included in the FMI annual budget prepared for the year.
     
     
7. Speaker-Luncheon
   
   
   • The Program Committee, in conjunction with the 2nd Vice-President and in consultation with the Board of Directors, is responsible for the planning of the Speaker-Luncheons.
   • The Program Committee is responsible for undertaking and executing the Speaker-Luncheons.
   • These functions are open to members and other interested parties.
   • Members and other interested parties shall be charged admission based on the guidelines in Appendix A.
   • Given the guidelines established for prices of admission it will not always be possible to break-even or earn a profit on a function-by-function basis.
   • Any expected net expenditure for these functions should be included in the FMI annual budget prepared for the year.
   • See Appendix B for checklist of tasks for planning and execution of these functions.
     
     
8. Professional Development Day or Seminar
   
   
   • The Program Committee, in conjunction with the 1st Vice-President and in consultation with the Board of Directors, is responsible for the planning of the Professional Development program.
   • The Program Committee is responsible for undertaking and executing Professional Development days and seminars.
   • The Chapter commits to providing a minimum of one full-day session per year.
   • These functions are open to members and other interested parties.
   • Members and other interested parties shall be charged admission based on the guidelines in Appendix A.
   • Since providing training and professional development is our Chapter’s mandate, the local chapter may choose to subsidize members’ attendance at these functions.
   • It is recognized that it will not always be possible to break even or earn a profit on each individual function, however the committee should budget so as to earn a profit on professional development days or half days.
   • Any expected net revenue or expenditure for these functions should be included in the Chapter’s annual budget prepared for the year.
   
   
   
9. Total expected revenues and expenditures for all activities of the Program Committee will be approved on an annual basis by the Board of Directors as part of the Chapter’s annual budget.
   
   
10. The Program Chair shall ensure that proper internal controls are exercised when handling cash and cheque collections. A written report, signed by at least two members certifying it to be correct, is to be submitted to the Treasurer together with the amount collected.
    
    
11. The Program Committee will strive to plan functions so that costs in total are recovered on an annual basis.
    
    
12. Where monthly reporting of the Program Committee indicates an actual or planned deviation from budget (whether net expenditure or net revenue,) of $250, the Board must either ratify the deficit or approve the future application of net revenue at its next monthly Board Meeting.
    
    
13. It is the responsibility of the Marketing Director to ensure that program information is submitted to the FMI-journal and the National Web.

Appendix A: Pricing Guidelines

Appendix B: Speaker-Luncheon Planning Checklist

NOMINATIONS AND ELECTIONS

APPOINTMENT OF THE NOMINATING COMMITTEE

1. The Board of Directors, at its monthly meeting in March each year, shall appoint the immediate past president as the chairperson of the Nominating Committee. If the immediate past president is not able to chair the Committee, then the Board shall appoint any past president as the chairperson. (13/06/2000)
   
   
2. The Chairperson shall report the composition of the Committee for approval by the Board at its monthly meeting in April each year.
   
   
3. Members of the Committee may be candidates for election to the Board, but if they are chosen for an office, it would be in good taste to resign from the nominating committee and be replaced.
   
   DUTIES OF THE NOMINATING COMMITTEE
   
   The nomination and election of officers require serious thought, for they are two of the most important facets of the Chapter’s life.
   
   
4. Each committee member is given free expression and should be encouraged to express his/her choice for president and other officers of the Chapter.
    
   
5. A majority of the committee must be present to give consideration to the best-qualified people available for each office.
    
   
6. All nominees must be informed of their duties should they be elected to serve on the Board.
    
   
7. Consent of all nominees to serve on the board must be secured before proposing their names.
    
   
8. The chairperson shall notify the Board of Directors of the names of the nominees proposed at the regular Board meeting immediately preceding the general meeting in June at which time elections for officers will be held.
    
   
9. The chairperson shall provide to Chapter members at the general meeting in June, called for that purpose, their recommendations for members and officers for the Board of Directors.
   
   ELECTIONS
   
   
10. The President shall preside during nominations and elections even if he/she is a candidate. When he/she is the sole nominee, he/she will permit the 1st Vice-President to put the question to a vote.
    
    
11. The presiding officer shall call for any further nominations from the floor, and shall conduct the elections. The voting may be by ballot or by show of hands at the discretion of the presiding officer.

Membership Appreciation Awards

Objectives:

• To allocate and use net assets of the Chapter, with Board approval, in a productive manner directly benefiting the members of the Chapter. 
• To encourage and maximize members’ attendance at the Chapter’s events. 
• To raise awareness of FMI-National events. 
• To increase the Chapter’s presence at FMI-National events.

Summary:

These awards are open to members of the Fredericton Chapter. These awards will be a tangible benefit to members of the Chapter and will help raise the profile of FMI-National here in Fredericton and that of the Fredericton Chapter at the National event.

These awards may be budgeted for and applied in any fiscal year at the discretion of the Board, subject to review and approval on an annual basis.

1. Membership Participation Award: Annual PSMW Conference
   
   
• If possible, a random draw to be made at an event of the Chapter held at least four weeks prior to the commencement of the travel plan being funded. If no event is planned within this time frame, the draw should be held in the presence of at least 2 witnesses, preferably Chapter members.
  
  
• Any member of the Chapter attending the Chapter’s annual meeting, luncheon event or PD seminar shall be eligible for one ballot. Members will receive a maximum of one ballot per event attended up to and including the event of the random draw. Members of the Board are not eligible.
  
  
• The Program Committee of the Chapter shall administer the process of issuing ballots, collecting ballots and organizing a public draw for the prize.
  
  
• Prior to the draw, all eligible members should be sent an email informing them of their eligibility and enquiring as to whether or not they feel they could accept the prize if they won. IF they could not accept, their name can be removed from the ballots.
  
  
• The recipient(s) of the prize shall be reimbursed costs up to a maximum as determined by the Board, after taking into account such factors as location of PSMW and estimated travel costs. The recipient(s) may also be required to submit any receipts and documentation considered necessary by the Treasurer of the Chapter. Only registration and reasonable accommodations and travel costs are eligible for reimbursement.
  
  
• A recipient of this prize has one week to officially accept the prize. Should any recipient be unable to accept this prize for any reason, another random draw will be made. (This draw need not be public, but shall be attended by at least two members of the Board.) This process will continue until a willing recipient is obtained or the final deadline for registration is reached.
  
  
• A member can not receive the prize two consecutive years unless there is no other member who is able to accept the prize.

Publicity shots should be taken for submisson to the fmi*igf journal /website if at all possible.

Fredericton Chapter Bursary

Background:

Our strategic plan states that FMI will:

• Develop a strategy for attracting student membership. 
• Provide professional development and continuing educational opportunities through meetings, seminars, lecture series, articles, news bulletins and other suitable means as determined by the Board of Directors. 
• Develop strong partnerships with other related organizations in order to broaden the base of educational options available for members and provide strategic alliances.

Providing an annual prize will allow our Chapter to:

• Provide an additional service to our Members in the provision of funds toward their or their child’s post-secondary education, 
• Provide a tangible example of our contribution to local community life, and an opportunity to “advertise” and raise awareness of the Fredericton Chapter.

Purpose:

To extend scholarship assistance to a member in good standing of or the dependant of a member in good standing of FMI-Fredericton Chapter who is in any year of study at a University or Community College in Canada.

Process:

1. Criteria: Selected full-time student should be one showing good scholastic performance and a record of extracurricular activities. 
2. Eligibility: The student must be enrolled full-time, intending to obtain an undergraduate degree or a certificate from a community college. Preference will be given to students enrolled in a Commerce or Business Administration program, but other fields of study will be considered. The student will be a dependent of a member or a member in good standing of FMI- Fredericton Chapter. An applicant cannot receive the bursary two consecutive years unless there is no other applicant who meets the minimum requirements. 
3. Type and Frequency: A certificate and a $500 cash award to be presented annually at the November luncheon/PD Event. 
4. Number to be Awarded: One 
5. Selection Committee: The strategic planning committee.

Application:

Applications should be submitted by October 15 of each year. The application should include a statement of scholastic performance (transcript) and a description of extracurricular activities. The application should also include one personal letter of recommendation from a non-relative.

Program Implications:

All members should be reminded via Web Site, monthly luncheon notices, and/or FMI journal well in advance of the deadline to ensure all relevant applicants are aware of their or their family’s eligibility.

Publicity shots should be taken for submission to the FMI Journal/Web-Site if at all possible.