|Restricted Area for Members of the Finance and General Purposes Committee|
The Treasurer (Chair)
The Chair of Council
The Vice-Chancellor and President
Professor Stuart Croft
Professor Christine Ennew
Four independent members appointed by the Council, of whom a minimum of two will be serving independent members of the Council
Four members of the Academic staff, nominated by the Vice-Chancellor
Professor Natalie Chen
Professor Joanne Garde-Hansen
Professor Sue Newell
Professor Nick Vaughan-Williams
The President of the Students' Union
The Democracy and Development Officer of the Students' Union
Note: These Terms of Reference are to be read as covering the activities of the University and the University’s interests in related companies, joint ventures and the University of Warwick Foundation and its related companies.
To act as a general purpose and executive committee with delegated authority to
1. Deal with any day-to-day matters not within the province of any other Committee of the Council.
2. Deal with matters of importance requiring urgent decisions, which would normally be referred to the Council, on the agreement of the Chair of Council and Vice-Chancellor.
3. Deal with other matters referred to it by the Council.
4. Approve additional expenditure on projects in the Financial Plan or that have previously been approved by Council of up to £1m*.
5. Approve new capital expenditure of up to £1m*.
6. New revenue expenditure of up to £1m*.
*With a cumulative cap of £1m between Council meetings.
To oversee on behalf of the Council:
7. Implementation of the University's financial strategy.
8. Preparation of the University’s annual financial statements.
9. The financial performance against budget of the University and its group entities on a quarterly basis (or more frequently if required).
10. The University’s investments and borrowings and their performance in line with approved strategy and policy.
11. The University’s interests in related entities, joint ventures, and the relationship with the University of Warwick Foundation and its related entities.
12. The strategy and performance of the University’s commercial activities.
13. The University’s employee pension arrangements.
14. The University’s Enabling Excellence IT strategy and the progress of major IT projects.
15. Policies and procedures in relation to the exploitation of the University’s Intellectual Property (subject to the powers of the Senate) and the performance of the University’s technology transfer activities and ventures.
16. The University’s endowment and fundraising strategy and policies, and use of donated funds and endowments.
17. Any action that may be considered necessary, including the instigation and negotiation of any significant legal proceedings, in pursuance of the management and protection of University property and reputation and the maintenance of good order.
18. The economy, efficiency and effectiveness of the deployment of the University’s resources, liaising with the Audit and Risk Committee as appropriate.
19. The release of resources in line with the University’s annual budget and financial plan.
20. The allocation of funds for investment.
21. The University’s Financial Regulations and Procedures.
22. The University’s accounting policies.
23. The University’s Investment Strategy and Treasury Management Policy.
24. The opening of bank accounts in line with the University’s approved Treasury Management Policy and subject to the provisions of the University statutes.
25. The structure, establishment or winding up of all University trading entities.
26. The appointments to the Boards of any entities and activities that are within the power of the University.
27. A Memorandum of Understanding (Governance and Services Agreement) between the University and each of its related entities.
28. The financial statements of the University’s subsidiary companies and other entities.
29. The financial plan for the Students’ Union, and to consider financial reports from the Students’ Union no less than annually.
30. Rents of campus student accommodation on the recommendation of the Student Rents Working Party.
31. Any policy or proposed course of action that will have a significant impact on the financial or budgetary position of the University.
To recommend to the Council:
32. The University’s annual capital and revenue budget and financial plan.
33. The University’s annual financial statements.
34. Plans for major new activities that do not fall within the scope of the approved financial plan, and to monitor the performance of such activities.
35. Proposals related to the financial management of the University within the context of the University Financial Plan.
36. Loans and borrowings in line with the University’s annual budget and financial plan.
37. Proposals related to investment in the University’s subsidiary and related entities.
The Finance and General Purposes Committee reports to the Council.
The Finance and General Purposes Committee (FGPC) has established the following Sub-Committees which report to the FGPC and have oversight of specific areas of financial business:
(a) Fees Working Group
(b) Financial Plan Sub-Committee
(c) Investment Sub-Committee
Secretary: Dr Chris Twine from 1 September 2022
Assistant Secretary: Emma Jeavons, Assistant Registrar (Governance)
Correspondence should be sent to FGPC at warwick dot ac dot uk.
The timetable for submission of reports to the Finance and General Purposes Committee is available here.
Templates for reports should be requested from the email above.
Minutes of the Finance and General Purposes Committee are available upon request from the Secretary.
Dates of meetings of the Finance and General Purposes Committee can be found within the University Committee Timetable.