Volunteer Opportunity: Financial & Audit Committee
The Ontario Basketball Association (OBA) is seeking two (2) qualified candidates to join our Financial and Audit Committee for a 12-month term. This is a great opportunity to contribute to the province’s leading basketball governing body while adding high-level governance and fiscal oversight experience to your professional resume.
As a committee member, you will provide the strategic oversight necessary to ensure the OBA remains a leader in fiscal responsibility and transparency.
What We Are Looking For
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Knowledge in finance, accounting, or business management (Professional experience in these fields is considered an asset).
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The ability to interpret financial statements and budgets to provide sound recommendations.
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Strong analytical skills and a focus on internal controls and risk mitigation.
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Note: A sports background is a valued asset for understanding the OBA’s operational context, but it is not a necessity. We prioritize your technical financial expertise.
Roles and Responsibilities
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Treasurer: Leads the committee, sets meeting agendas, ensures timely decision-making, and serves as the primary liaison between the committee and the Board of Directors.
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Members: Actively participate in discussions, review financial documents, provide recommendations, and ensure adherence to financial standards and best practices.
1. Financial Reporting and Monitoring
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Work alongside the CFO and Executive Director to review the OBA’s quarterly and annual financial statements.
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Ensure the accuracy and integrity of financial information presented to stakeholders.
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Receive and review with management the proposed annual budget and recommend to the Board whether the proposed budget should be adopted.
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Review periodic reports from management showing progress made to maintain budgeted activity.
2. Audit Process
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Review the scope of external audits and ensure auditors have unrestricted access to all financial data.
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Review audit findings and management’s responses; monitor follow-up actions.
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Provide recommendations of external auditors to the Board for approval at the AGM.
3. Financial Risk Management and Internal Controls
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Oversee the organization’s financial risk management framework to identify and mitigate fiscal vulnerabilities.
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Ensure the adequacy and effectiveness of internal financial controls to protect organizational assets.
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Ensure the OBA complies with all legal and regulatory financial requirements.
4. Financial Strategy and Policies
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Advise the Board on financial strategy, capital structure, purchasing, and contracting.
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Review and recommend policies related to banking, investments, reserve management, and capital expenditures.
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Review proposals for any borrowings and make recommendations to the Board.
5. Compliance and Ethics
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Ensure compliance with the organization’s financial and ethical standards.
How to Apply
If you are ready to apply your expertise to the Ontario Basketball Association for this 12-month term, please submit your CV and a brief expression of interest to [ mjoseph@basketball.on.ca ].