Financial Review Committee Application
Thank you for applying to the Financial Review Committee (FRC). Please read through
the following introduction and answer all questions. Submit the application by email to
the listed address along with your résumé. Applications are due: October 4th, 2013.
If you have any questions, please contact Desmond Swamy (usc.clubs.finance@uwo.ca).
Responsibilities and Terms of Reference
The FRC is responsible for monitoring club and accredited group spending. Additionally,
the FRC ensures that each club and group is spending according to its mandate and is
maintaining accurate financial records.
The Financial Review Committee shall:
1. Participate in an annual training session coordinated by the Clubs Finance
Coordinator.
2. Annually audit accredited groups to ensure that each group still relies on the USC
funding for basic operating costs, and that the USC funding is put towards
essential programming costs.
3. Annually audit all clubs to ensure that each group is keeping accurate financial
records, and that each group is spending according to its mandate.
4. Review the initial budget submissions of each club.
5. Annually audit each Faculty Council that receives a grant from the Faculty
Council Grants Schedule, except for affiliate councils.
Committee Structure
The FRC will be comprised of 15 members, excluding the Clubs Finance Coordinator,
USC VP Finance, and Senior Manager, Finance. These members will be split into two
groups:
The Operational Finances Group (OFG) will be composed of 3 to 4 members from the
committee and will be responsible for assisting the Clubs Finance Coordinator with
carrying out new initiatives, special projects, and auditing/evaluations. This group will be
required to attend weekly meetings and will experience a higher emphasis on operational
financing and consulting.
The Financial Services Group (FSG) will be composed of 11 to 12 members from the
committee and will be responsible for club audits and financial planning review. They
will be reviewing budgets, accounts, and club spending. This group will be required to
attend bi-weekly meetings and will experience a higher emphasis on auditing and
financial assessment.
Personal Questions
1. Why do you want to be a part of the Financial Review Committee?
2. What past experiences will make you a constructive member of the FRC team?
Practical Questions
3. Another member of the FRC is auditing your friends club. The club is in good
standing with the USC and submits event proposals for all events on time. While
carrying out events, this club follows all USC policies and ensures that member
interest comes first.
At the last bar night, your friend (the President) was buying drinks for members
and his friends, including yourself. You found out that the drinks were acquired
using club funds and when you spoke to your friend, he assured you that no one
would find out, as he expensed the drinks as “executive sweaters” that were never
bought, but instead used to fund the drinks.
How would you address your friend? How would you address the situation? How
would you address the FRC?
4. The Western Coffee Club (WCC) is currently up for audit and is in its 3rd year of
operations. You meet with Joe McCafé, the VP Finance of WCC, and begin the
review. Joe comes with his ledger, annual budget, and other financial documents.
WCC has 40 members, and charged a membership fee of $5. They received a
$400 donation from Nestlé, and have applied for a competitive $500 sponsorship
from Starbucks.
WCC only runs 2 events during the year, which result in a change of their account
balance: the Coffee Sample Night, and the WCC Café. Neither event raises
money; however, the Coffee Sample Night costs $300 and the WCC Café costs
$450. WSC also pays $1.50 per member for insurance.
Joe verifies all the transactions from the account but has not been keeping a
personal ledger. He uses the USC printouts for reference to his account. Joe and
his team have been dealing with several transactions off the books; however, you
are reassured that those transactions were all less than $100 and of little
significance.
Please create a High-Low projected income statement using information from the
above paragraphs as necessary. Write a short paragraph on any changes or
recommendations you would make to WCC’s operations.