Finance
Introduction
The Finance Committee is a sub-committee of the Pharmacy Council, established under the provisions of Section II of the First Schedule of the Pharmacy Act 1966.
Role Of The Committee
The Committee is constituted as follows:
- Chairman of the Council (ex-officio)
- Committee Chair – Council member
- Two (2) members of the Council
- Registrar of the Council
- Accounting Technician of Council
- Part-time Accountant (Co-opted)
Quorum
The quorum of the Finance Committee shall be fifty-percent (50%) of the membership plus one.
Scope Of Work
- Preparation of the annual budget
- Reviewing procurement orders with a value in excess of $40,000
- Reviewing findings of audits
- Preparation of monthly financial statements for Council meetings
- Ensuring registration fees are collected on a timely basis
Confidentiality
Proceedings of all meetings are confidential.
Reporting
The Chairman of the Committee submits a report of the discussion and recommendations to the Pharmacy Council.
Procedure And Meetings
The Finance Committee meets once every three (3) months or as required by the Council.