II. Finance Executive Council Charter

Purpose: The Finance Executive Council (the Council, or FINEC) is a standing body within the University System of New Hampshire. The Council is advisory to the USNH Presidents’ Council, and is charged to consider, decide and/or recommend strategic or operationally significant financial matters, according to the policies and processes of USNH.

Membership and Structure: Membership of the Council will be (or their interim appointments): 

Voting Members:

  1. EVPFA UNH (Chair)
  2. EVPFA KSC 
  3. EVPFA PSU 
  4. Vice Chancellor Financial Affairs

Non-Voting Members:

  1. USNH Treasurer (if separate from other members listed)
  2. USNH Controller (Chair FINLAC)
  3. USNH FP&A Lead (Vice Chair FINLAC)

The chair of the Council will be the UNH EVPFA; a vice chair will be selected by the Council annually from among the campus EVPFAs. The Chair and Vice Chair shall collaborate on agenda preparation for FINEC meetings and the preparation of materials for ultimate consideration by the Presidents’ Council and the Board of Trustees. The Chair may assign a member of the organization to staff and support the committee. Other campus or USNH system staff may be invited to attend meetings at the discretion of the Council.

The USNH Controller will Chair the Finance Leadership Advisory Council (FINLAC) and the USNH FP&A Lead will be the Vice Chair of FINLAC. These members will serve as the liaisons between FINEC and the broader finance community supporting FINEC and ultimately the Presidents’ Council and the Board of Trustees.

The Council’s functioning as a collaborative group will be distinguished by consultation across all its members on agenda items; planning for matters such as relevant Trustee Committee and Presidents’ Council agendas; identification of responsible individuals to undertake tasks agreed to by the Council; and other work products of the Council. The chair is responsible for promoting the collaborative nature of the group and for ensuring that, to the fullest extent possible, items of collective interest are shared in a timely fashion so as to permit thoughtful consideration of potential actions and advice from the Council. In all of its functions, the Council will support complete and fact-based work product(s) that leverage standard and best practices and tools in support of decision-making or other actions.

Meetings: The Council will have regular meetings sufficient to meet its objectives (currently monthly) in support of the outcomes expected from its annual work plan. The meetings will be at times and locations convenient for membership. Meetings will be held remotely to reduce travel time and create operational efficiencies; however, in person may be requested.

Objectives:

  • Evaluate and monitor financial opportunities and risks posed by, but not limited to financial monitoring, financial planning, capital projects, debt, and budget allocations; advise the Presidents’ Council accordingly.
  • Develop and recommend board or system level policies and procedures necessary to ensure system resources are managed prudently, efficiently, and effectively.
  • Be an effective and highly functioning group.  As such, create and maintain a charter, an annual work plan that reflects campus and system strategies and major operational goals, and determine agendas that are appropriately triaged and logical. Assign all items that can be delegated to operational units. For all deliverables and work, allow sufficient time and effective process for consulting with stakeholders, particularly campus leadership. Conduct a self-evaluation periodically and participate in larger evaluations as appropriate.
  • Assume primary leadership role for implementing and developing shared services and other restructuring initiatives as directed by the Presidents’ Council.
  • Serve on Executive Steering Committee for any finance-related projects, such as ERP, supporting standard and best project practices.
  • Share materials with and review relevant materials from other Councils and where applicable, the Council will work proactively and effectively with other councils, committees or groups as appropriate.
  • Receive and review financial reports, to monitor the progress against plan of USNH financial metrics and trends, and determine corrective action, if necessary, to be undertaken.
  • Support the quality and efficacy of major USNH deliverables, including but not limited to capital project prioritization, biennial and capital budget requests to the state, annual budgets and multi-year financial plans.
  • Support the appropriate agenda and preparations for the USNH Board of Trustees and its Committees, particularly, but not limited to, the Financial Affairs Committee, the Investment Committee and the Audit Committee.
  • Accept ad-hoc assignments from the Presidents’ Council as directed.
  • Other items may be considered such as assessment of system office and campus functions/shared services, especially as they relate to effective and efficient operation; rewards/recognition; and measures of success.

This Charter will be reviewed annually by June 30.

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