finance committee
Purpose: Provides stewardship of the financial resources of the church. Develops and implements plans to raise sufficient funds to meet the approved budget. Administers funds received and disburses in accordance with the budget as directed by the Administrative Board. Develops written policies for internal controls to be used by the church with regard to handling, recording, and tracking incoming and outgoing funds. Requests budget requests from all committees, non-committee positions, and Pastor NLT 1 Jul each year. Prepares the annual budget based on input and income projections. Annually prior to Charge Conference submits recommended budget to the Church Council for approval. Reports the status of the budget and all church funds to the Charge Conference and Annual Conference. Makes provisions for and ensures an independent annual audit of the church financial operation is conducted.
Proposes a budget; then raises, manages, and distributes the financial resources of the congregation to support and strengthen the mission and ministry of the congregation.
Regularly communicate with congregation regarding financial status and or issues.
Works with the trustees to handle designated gifts and bequests
Coordinate with other committees and Pastor to receive budget requests on an annual basis.
During the year, recommends any changes to the approved annual budget to the church council.
is responsible for developing and carrying out plans to raise enough income to support the budge
Recommends to the church council proper depositories for church funds and carries out the council’s directions about administration and disbursement of funds and about procedures for the church treasurer and the financial secretary.
There are three tasks not specifically assigned to the treasurer, financial secretary, or the chairperson of the committee on finance by the Discipline. Keeping these responsibilities separate is essential in maintaining segregation of duties. These tasks are: (1) approving payments for expenditures; (2) signing checks; (3) reconciling bank accounts. While the treasurer, financial secretary, or finance chairperson may be authorized to do any one of these tasks, no person should be authorized to do more than one. No persons related to one another should perform any two or more of these three tasks.
Arrange for an annual audit of financial records and makes a report of this audit to the charge conference.
Finance leaders of the church are accountable to the charge conference through the church council.
New language was added to the 2016 Book of Discipline that expands/clarifies the responsibilities of the pastor in regard to giving. Paragraph 340.2.c.(2)(c) now reads: “To provide leadership for the funding ministry of the congregation. To ensure membership care including compliance with charitable giving documentation requirements and to provide appropriate pastoral care, the pastor, in cooperation with the financial secretary, shall have access to and responsibility for professional stewardship of congregational giving records.”
IN GUMC, we will have the following breakout of those duties:
Approving payments for expenditures – Finance Committee Chair
Signing Checks – Treasurer
Reconciling Bank Statements – Finance Secretary.
Provide budget and spending reports to committees following the end of each quarter. Report to include committee specific projects or funding line items.
Coordinate as needed with Treasurer and Financial Secretary. Finance Chair is responsible for all overall financial operations, including Treasurer and Finance Secretary.
Works with congregation and other committee members to approve and arrange for reimbursements for church related expenses. On a monthly basis, submits those requests to the Finance Committee Chair for approval.
Proposes a budget; then raises, manages, and distributes the financial resources of the congregation to support and strengthen the mission and ministry of the congregation.
Regularly communicate with congregation regarding financial status and or issues.
Works with the trustees to handle designated gifts and bequests
Coordinate with other committees and Pastor to receive budget requests on an annual basis.
During the year, recommends any changes to the approved annual budget to the church council.
is responsible for developing and carrying out plans to raise enough income to support the budge
Recommends to the church council proper depositories for church funds and carries out the council’s directions about administration and disbursement of funds and about procedures for the church treasurer and the financial secretary.
There are three tasks not specifically assigned to the treasurer, financial secretary, or the chairperson of the committee on finance by the Discipline. Keeping these responsibilities separate is essential in maintaining segregation of duties. These tasks are: (1) approving payments for expenditures; (2) signing checks; (3) reconciling bank accounts. While the treasurer, financial secretary, or finance chairperson may be authorized to do any one of these tasks, no person should be authorized to do more than one. No persons related to one another should perform any two or more of these three tasks.
Arrange for an annual audit of financial records and makes a report of this audit to the charge conference.
Finance leaders of the church are accountable to the charge conference through the church council.
New language was added to the 2016 Book of Discipline that expands/clarifies the responsibilities of the pastor in regard to giving. Paragraph 340.2.c.(2)(c) now reads: “To provide leadership for the funding ministry of the congregation. To ensure membership care including compliance with charitable giving documentation requirements and to provide appropriate pastoral care, the pastor, in cooperation with the financial secretary, shall have access to and responsibility for professional stewardship of congregational giving records.”
IN GUMC, we will have the following breakout of those duties:
Approving payments for expenditures – Finance Committee Chair
Signing Checks – Treasurer
Reconciling Bank Statements – Finance Secretary.
Provide budget and spending reports to committees following the end of each quarter. Report to include committee specific projects or funding line items.
Coordinate as needed with Treasurer and Financial Secretary. Finance Chair is responsible for all overall financial operations, including Treasurer and Finance Secretary.
Works with congregation and other committee members to approve and arrange for reimbursements for church related expenses. On a monthly basis, submits those requests to the Finance Committee Chair for approval.