Council has decided to set up a small committee to oversee finances for the RDA Foundation. Doris has agreed to lead this committee, potentially with Ross and Satoshi as the other Council members. Doris has wisely suggested that we also involve a person or two from the OAB, since OAB is to advise on business processes.
The task would be to recommend and monitor rules for sound financial practice for the relatively small budget controlled directly by the Foundation. This would include basic policies on what constitutes reasonable expenditures (e.g. travel rules), a reserve policy, signing authority, rules for approvals of large expenditures, financial reporting to the Council, etc. Probably the most critical task would be oversight of SG funding since I have somewhat of a conflict of interest in managing funds for my own salary. I think the first action of the committee would be defining its scope.
The way I see this working is that I would work with the group to define what guidance and rules are necessary. I would then draft such rules for committee approval and recommendation to Council. It would likely involve a couple of calls in the relative near future followed by perhaps a few calls over the rest of the year. Once things are in place, it might involve one or two calls a year.
Walter agreed to ask Nancy Carter to join this committee. Nancy is the CANARIE representative to the OA. She is the CFO of CANARIE and a lawyer, so she is very well qualified. Nancy will be returning from medical leave soon, so we will see if she is interested.
Meanwhile, I just wanted to keep the group apprised. Let me know if you have any questions or concerns or if indeed you would be interested and able to help with this task.
Foundation Finance committee
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