Notes from a meeting with TRENT RADIO's BoD and Auditor Thursday, 5 February 1998 at PRC Private Dining Room, Trent University. Board Responsibilities General Responsibilities and Mandate Board has a stewardship role which includes responsibility for: Strategic planning for the organization Approval of Management's strategic plan must have clear understanding of role and purpose of Trent Radio (Letters Patent, By-Laws, Aims as a Broadcaster, policies, etc.) Risk identification and management ensure that Management has an effective process to identify, minimise and manage risks Management effectiveness and succession Board's role is to question, scrutinize and actively monitor Management. Identification and Communications with stakeholders Stakeholders include; Members (student, community, honarary) Donors and sponsors Funding bodies Regulatory bodies (CRTC, RevCan, Public Trustee) Creditors, Neighbours Trent University Public at large Operators & Programmers Staff Discuss Due Diligence and Accountability Internal control and management information systems ensure that Management has implemented effective internal control systems to protect resources ensure that information generated is adequate to assess performance and progress in meeting objectives Business Cycle Begins With Approval of Budget Blends philosophical goals with the reality of available resources Should have both operating and capital budget Operating budget should be prepared on a monthly basis Should be accompanied by a cash flow projection Variations from plan should be approved by Board and budget amended Board Must Receive Monthly Financial Reports To Monitor Results Should show comparison of actual to budget for month and year-to-date Variances should be explained in written report from GM Should be circulated prior to meeting Should receive projection's of year's results Discuss Internal Controls Approval of expenses (limits?) (G.M.'s expenses?) Cheque signatories Examination of supporting documentation Approval of rates of pay Contractual commitments Control over fixed assets (including CD's, taps, etc.) Adequate insurance (Fidelity bond?) Discuss Directors' liability [ends]