Light Up The World Canadian International Development Organization Logo

Finance & Audit Committee (FAC) Chair

About Light Up The World (“LUTW”)

LUTW is a Canadian registered charity dedicated to the idea that access to energy changes lives. We work in remote off-grid communities that lack the basic technologies that many of us take for granted. By providing these communities with solar photovoltaic systems, we make a lifelong impact on our beneficiaries by helping them transition away from using polluting fuel-based lighting and costly single-use batteries and unlocking the opportunity to use technologies and tools to help them with their everyday life. Our current focus is in Peru, with potential projects working with Indigenous Communities in Canada

FAC Board & Chair position

The FAC Chair is a member of the Board of Directors. Ideal candidates will have significant experience working as a professional accountant in the Not-for–Profit sector. The position provides significant experience working as a key member of the Board of Directors and will enhance the candidate’s leadership skills. The candidate will be a key leader of the team supporting an organization that makes a significant contribution to enhancing the economic and educational opportunities and overall quality of life of the people and communities that LUTW serves.

FAC’s Purpose

The Finance and Audit Committee (the “Committee”) assists the LUTW Board of Directors (the “Board”) in fulfilling its governance and oversight responsibilities by ensuring the following outcomes:

  • integrity of the financial statements;
  • independence, qualifications and performance of the external auditor;
  • provision of a budget to carry out strategic initiatives and core functions;
  • compliance with regulatory, tax, legal, and funder requirements; and
  • adoption of financial policies, internal controls, and risk mitigation strategies to ensure assets are protected, used efficiently and accurately reported.

 

Duties and Responsibilities

Financial Policies:

  1. Recommend policies to the Board regarding delegation of financial authorities and requirements for accounting and financial reporting, budgets, restricted funds, insurance, controls, and other financial matters.
  2. Review policies at least every three years to ensure relevancy and flexibility to respond to changing conditions and circumstances.

Financial Planning & Reporting: 

  1. Review management’s proposed annual budget and recommendation for Board approval, including consideration of a sufficient reserve fund in accordance with a target set by the Board.
  2. Ensure that management maintains a timely and accurate system to account for money received, expended, and disbursed and that sales and purchases of goods and services and assets and liabilities are recorded and forecasted using accrual accounting.
  3. Monitor restricted funds and grant funds for compliance to policy and funder
    requirements and report performance concerns and required corrective action to the board.
  4. Review quarterly and year-end financial statements for compliance with financial policies, budgetary approvals, and accounting standards.  Ensure comprehensive variance analysis and recommend Board approval of financial statements.
  5. Review quarterly cash flow and accrual accounting forecasts of projected end of year revenues and expenditures and associated variance analysis.  Recommend Board approval of actions to resolve material surpluses and deficits, including the maintenance of a reserve fund.

Internal Controls:

  1. Review quarterly reports provided by management to ensure compliance with regulatory, legal, and funder requirements in Canadian and foreign operations. Disclose to the Board and recommend actions on any deficiencies.
  2. Review insurance provisions on an annual basis for sufficiency and through the budget process recommend Board approval of required changes.

External Audit:

  1. Oversee the independent audit process through conducting an Invitation to Bid every five years or as required.
  2. Coordinate the annual audit engagement through recommending Board appointment of auditor, reviewing the audit plan and associated staffing,  fixing remuneration, and ensuring that the external auditors report directly to the committee.

Risk Management:

  1. Develop and coordinate a process to engage the Board and its committees in a comprehensive identification and management of risks whereby risks are assigned to responsible committees to manage.

Time Commitment: 2-5 per week:

    • At least 5-6 FAC meetings to review quarterly reports, budgets and audit 
    • Quarterly Board meetings + AGM
    • Ad hoc Executive Council meetings
    • Ad hoc operational assistance

  Qualifications: 

  • Seasoned leader
  • CPA, at minimum
  • Previous experience as Chair of a Finance & Audit Committee 
  • Non-for-profit experience preferred

How to apply?

Submit a cover letter and resume to Mike Bate,  [email protected] Position will remain open until suitable candidate is found