Financial Oversight and Advisory Committee

From U of M Internal Medicine Wiki
Committee
Name: Financial Oversight and Advisory Committee
Chair: Dr. Martin Edward Karpinski
Function: department financial strategy

The Department of Internal Medicine Financial Oversight and Advisory Committee (FOAC) exists as the best interests of the University, College, Department and its individual GFT members are served by GFTs who are invested, engaged and active in financial planning of the Department.

The mission is to foster an atmosphere of engagement, to provide a forum for discussion of any issue of importance to the GFT members, to ensure there is transparency, accountability and a feedback mechanisms for GFTs, particularly with regard to Departmental finances and its planning, while always ensuring that the academic mission moves forward.


Purpose

  1. To review:
    1. the Departmental budget and financial statements
    2. all overhead expenditures
  2. To provide advice and feedback to the Department Head with regard to:
    1. all issues related to the Departmental budget
    2. all issues related to the collection and expenditure of overhead
    3. the use of any surplus funds
    4. proposals to address Departmental deficits
  3. At the request of the Department Head to advise on:
    1. issues related to the University of Manitoba Academic Funds
    2. any other financial issue
  4. Any other purpose as determined appropriate by the Department Head


Membership

The committee shall consist of:

  • seven GFT members, elected by the GFT membership of the Department (see GFT for list)
  • the seven GFT members may not be Department or Section Heads
  • no more than two members of any section (determined by a member’s primary section)
  • the past Chair will sit for one year post term (ex officio)
  • the University Department Head (ex officio)
  • the Managing Director, Department of Internal Medicine (ex officio)
  • two Section Heads (ex officio) – nominated by the committee – cannot be from sections that have elected GFT members.
  • each term for GFT members and Section Heads is for a two-year period
  • the FOAC may, at the option of the Chair, at any time expand its membership on an ad hoc basis to deal with specific issues that may have a particular impact on specific members, specific expertise is required, or it is felt that wider input to the deliberation is necessary. Expanded members are non-voting
  • all ex officio members are non-voting members and, at the option of the Chair, all or any such members may be excluded for in camera discussions


Committee Chair

The Chair of the FOAC must be selected from the seven elected members, by the seven elected members.

The Chair will sit for two years.

The chair will also sit on the “Advisory Committee of the College and WRHA” – see #notes below. The Chair will sit as one of the two Department of Medicine members on the UMG Board of Directors.

Current Membership

Election Process

  1. Two Election Officers chosen by the Department Head (UMFA members)
  2. Call for nominations (3 times within 4 weeks)
    1. Any member wishing to stand for election as a member (including existing members) must be nominated. A single fellow GFT nomination is required. All nominees must agree to be nominated before their name is submitted.
    2. Nomination form will be attached to the call for nominations, to be submitted as instructed.
    3. Receipt of nomination will be acknowledged by email.
  3. The election will begin one week after the last call for nominations ends.
  4. List of all nominees is drawn up
  5. Each GFT member will receive an election package consisting of:
    • a list of the nominees with a blank space next to each name
    • a large envelope with the GFT Member’s name on it (label)
    • a small sealable envelope marked “BALLOT”
    • a list of instructions
  6. Members will choose up to seven (7) members from the list of nominees by marking alongside their name.
  7. The completed ballot will be sealed inside the envelope marked “BALLOT”.
  8. The sealed “BALLOT” envelope will be placed inside the larger envelope with the member’s name on it. This will be sent to Business Administrator (Carmina Stolz) who will record the submitted ballot on a list of the GFT Members of the Department.
  9. At a time to be determined, the envelopes will be opened by the Business Administrator (Carmina Stolz) in the presence of the Election Officer(s), and the number of votes for each nominee will be counted and recounted until agreed upon.
  10. The seven members with the most votes will serve.
  11. The result of the vote will be reported to the Department Head and the list of elected members reported by e-mail to the Members of the Department.
  12. All votes will be retained for 60 days, in the event there are any concerns raised regarding the process or outcome.

FOAC Meetings

The FOAC meet a minimum of twice per year, or more as required or deemed advisable by the Chair.

The annual meeting schedule is set by the committee in September, to ensure maximum attendance.


Reporting

Twice per year the Department Head or Managing Director must provide financial updates to the FOAC with regard to the Departmental budget and overhead.

  • Written financial updates must be provided by the Department Head or Managing Director to members of the FOAC at least four weeks in advance of such meetings.
  • Such written financial updates must also be provided to the Dean of the Max Rady College of Medicine and the Chief Medical Officer of the WRHA.

GFT Departmental Meetings

Meetings of the GFT membership of each Department must be held annually.

  • The Department Head must present the Departmental budget, financial statements and report on activities and issues facing the Department. Such information must be provided to the membership, the Dean of the Max Rady College of Medicine and the Chief Medical Officer of the WRHA in writing at least four weeks in advance of the meeting.
  • The FOAC must report to the membership on its activities of the previous year.


Additional Responsibilities for the Chair

An Advisory Committee of the College and WRHA will be established to advise and provide feedback to the Dean of the Max Rady College of Medicine and the Chief Medical Officer of the WRHA with regard to any issue of importance to the Dean and CMO including the Dean’s Fund. This Committee shall consist of the Chairs of each FOAC and shall be jointly chaired by the Dean and the CMO. This committee shall meet at least two times per year.

The Dean’s Fund Accountability and Transparency

Annually, the office of the Dean of the Max Rady College of Medicine shall provide a written report and financial accounting to all GFTs, and the Advisory Committee of all income and expenditure related to the Dean’s Fund.