Series 13 - Records of committees concerned with Finances, Investments, Budgets, and Audits

Created in 2016 after merging the previously independent Finance and Audit Committees. The Audit Sub-Committee is part of the merged Finance and Audit Committee.

In 1981, it was noted at a Board of Regents meeting that there was a need for boards to have financial accountability and ensure that all comments made by their auditors were considered seriously and that appropriate steps were taken in response. A motion was carried to appoint an audit committee made up of 5 members to review the annual financial statement before receipt by the Finance and Property Committee and the annual post-audit statement submitted by the auditors. In consultation with the President, Bursar and the Chief Accountant, the committee would ensure that the auditors’ recommendations were acted upon in appropriate ways. The Committee’s first Chairman was Mr. R. I. Priddle. The Bursar and the Chief Accountant were consultants on the Committee. The Committee first met in June of 1981. The Committee reports the Board of Regents annually. In 2016 it was decided to merge the Audit Committee with the Finance Committee to create a new Finance and Audit Committee.

The Budget Committee began as a sub-committee of the Finance and Property Committee in 1954 and continued as a sub-committee of the Financial Management and Planning Committee until 1992. Prior to this, the Finance Committee had been responsible for annual budgets for the University. In 1992 with an amendment to the By-Law One, the Budget Committee became it's own standing committee of the Board of Regents. It was responsible for overseeing preparation of the University's annual budget for operating and capital expenditures and presenting them annually to the Board of Regents. In 2005, when the Finance Committee was reinstated, once again budgets fell under that committee's purview.

An Investment Committee was first appointed at the Board meeting of May 4, 1893. Members were Dr. Burwash, Dr. Potts, Mr. Massey, Mr.Gooderham, Mr. Walker and Cosen. They first reported to the Board of Regents that year and continued to report until 1904. After that period, the Finance Committee made decisions over investments as well as its successor, the Finance and Property Committee. In 1960, the Investment Committee was re-established as a sub-committee of the Finance and Property Committee (later the Financial Management and Planning Committee). In 1992, the Investment Committee was made a standing committee to the Board of Regents distinct from the Financial Management and Planning Committee. Its purpose was to determine how funds belonging to the Endowment of Victoria University are to be invested as well as providing advice to the Board of Regents concerning investment activities. By 2018, the Investment Committee's purpose was "fiduciary responsibility for the management and long-term health of the University’s endowment investments and, additionally its pension investments."

Records of Finance Committees appear from the time of the Victoria College Board in Cobourg (1867), and various committees concerned with finance existed since then. In 1893, the Board of Regents resolved that the investment committees be a Committee on Finance and Investment. Starting in 1902, a Finance Committee proper began reporting regularly to the Board. In 1954, the Finance Committee merged with the Property Committee to form the Finance and Property Committee (this committee became the Financial Management and Planning Committee in 1985). In 1992, this Committee ceased and the Executive Committee took over financial matters, along with an Investment and Budget Committee. In 2005, a Finance Committee once again became a standing committee of the Board of Regents. The Bursar serves as the Secretary of the Finance Committee. In 2016 the Finance Committee was merged with the Audit Committee to become the Finance and Audit Committee.