Vice-President Operations & Finance

serving as our treasurer overseeing investments, businesses, and services

Meet Your VP Operations & Finance

The VP Operations & Finance is LUSU’s Treasurer, responsible for overseeing the corporation’s multi-million dollar budget, investment portfolio, businesses (The Outpost and The Study), and services (Universal Bus Pass, Health & Dental Plan, Handbook). The VP Operations & Finance also works with LUSU’s General Manager and other senior managers to oversee the student union's internal practices.

Duties of the Vice-President Operations & Finance

The Vice-President Operations & Finance is the Treasurer of LUSU and the most senior Vice-President of the Corporation.

During the absence or inability of the President, presidential duties become the responsibility of the Vice-President Operations & Finance.

They must serve as the chairperson for all meetings of the Board of Directors when the Chairperson and President are not present, or are in a Conflict of Interest.

Responsibility

The Vice-President Operations & Finance is responsible for making recommendations to the Executive Committee with respect to any decision related to the finances. For clarity, the Executive Committee shall have jurisdiction, unless otherwise set out in the Governing Documents, over the finances of the Corporation.

LUSU Budget

The Vice-President Operations & Finance is responsible for the appropriate use of the Vice-President Operations & Finance discretionary line in the budget for the current fiscal year.

In conjunction with the General Manager they will prepare a Draft Budget for the Corporation no later than the last business day of February. This draft budget shall not be released to any Member until both the Finance and Operations Committee and the Executive Committee has approved the draft budget. After the Draft Budget has been approved by the Finance and Operations Committee, the Vice-President Operations & Finance shall be responsible for preparing and presenting the Corporation’s budget for the upcoming fiscal period to the Board of Directors no later than the second-to-last Board of Directors meeting of the Academic Year.

Fiscal Responsibility

The Vice-President Operations & Finance ensures that the finances of LUSU are handled according to our Governing Documents and  all legislative requirements as an incorporated not-for-profit corporation.

The Vice-President Operations & Finance endorses all cheques and purchase orders as the primary signing authority, along with the General Manager, or one other Executive in order to ensure that our members finances are always protected.

The Vice-President Operations & Finance is required to either sit on, or deliver reports to, the boards and Committees on which they sit. They report to the Board of Directors any financial decisions made on behalf of the Board of Directors by the Executive Committee.

The Vice-President Operations & Finance shall seek approval for all expenditures in excess of two hundred (200) dollars not already allocated for in existing budgets, from the Finance and Operations Committee or the Executive Committee, as appropriate. They are responsible for the duties of the Finance and Operations Committee when the Committee is not in session.

Representation

The Vice-President Operations & Finance or their designate shall attend at least one (1) provincial meeting of the Canadian Federation of Students.

Accountability

The Vice-President Operations & Finance shall produce a written “Summer Report”, which must be submitted to the Board of Directors at the first Board of Directors meeting in the new Academic Year and includes:

  • Information related to all material work or business carried out between May 1, and September 1 on behalf of the Corporation

  • An evaluation of the success of any projects undertaken by the Corporation between May 1, and September 1

  • Tentative plans for the remainder of the Academic Year.

The Vice-President Operations & Finance shall produce a written “Final Report”, which must be submitted to the incoming Executive Committee by April 30th of every given calendar year. The Final Report shall include:

  • A general summary of the Vice-President Operations & Finance’s term in office

  • An account of any material issues encountered by the Vice-President Operations & Finance during their term in office, and how they were addressed

  • Recommendations for the incoming Vice-President Operations & Finance and Executive Committee.


Operational Responsibilities

The Vice-President Operations & Finance or their designate will be the primary liaison between the Executive Committee and all Staff. They will be the only member of the Executive Committee who has the authority to issue directives to the Staff through either the General Manager or the Executive Director, as appropriate, on behalf of the Executive Committee, provided that those directives have been authorized by the Executive Committee. For clarity, the Vice-President Operations & Finance shall not speak on behalf of the Executive Committee without having the Executive Committee’s approval.

The Vice-President Operations & Finance shall present the year-to-date financial statements and the budget of the Corporation at the Annual General Meeting. They are the primary liaison between the Executive Committee and the Ancillary Services, and in relation to them has the following responsibilities:

The Outpost 
  • The Vice-President Operations & Finance, in conjunction with The Outpost Manager and the General Manager, shall be responsible for the operations and the finances of The Outpost.
  • At least two (2) times per month the Vice-President Operations & Finance shall conduct meetings with The Outpost Manager, The Outpost Food Services Manager, and the General Manager with respect to the operations of The Outpost.

The Study

  • The Vice-President Operations & Finance, in conjunction with The Study Manager and the General Manager, shall be responsible for the operations and finances of The Study.
  • At least two (2) times per month The Vice-President Operations & Finance shall conduct meetings with The Study Manager and the General Manager with respect to the operations of The Study.

They are responsible for ensuring production of the student Handbook is done in a timely manner.

The Vice-President Operations & Finance shall be responsible for the administration, operation, and promotion of the uPass, the health plan, the ISIC card, and any other service operated by LUSU on behalf of the Members for their benefit.

The Vice-President Operations & Finance shall meet with the General Manager and the services staff at least one (1) time per month to ensure the proper operation of the foregoing services.


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SC0001-955 Oliver Road, Thunder Bay, ON P7B 5E1 | OA1027-500 University Avenue, Orillia, ON L3V 0B9

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