Finance Committee
Purpose:
The Finance Committee is responsible for the oversight of the financial affairs of the Congregation including the preparation of a budget, regular reports to the Church Council, and the timely receipt and disbursement of funds on a day-to-day basis on behalf of the Church Council and the Congregation.
Membership
- Chair
- Treasurer
- Donations Coordinator (termed Envelope Steward in The Manual)
- Members and adherents of the Congregation
- A minimum of three members of the Finance Committee will have been designated as Financial Trustees (see Section 1, subsection F: Elections and Terms of Office).
Duties and Responsibilities
- Administering the financial operations of the church, including the Operating Account and Church Funds including, but not limited to, the General Fund, Capital Fund, Mission & Outreach Fund, and the Memorial Fund in accordance with the policies associated with those Funds.
- Overseeing the investment of assets in the Memorial Fund in collaboration with an appointed broker on a regular basis, and monitoring the Memorial Fund against the approved Investment Policy Statement (IPS)
Records
- Maintaining a record of receipts, disbursements, bank balances and investments of all accounts administered by the Committee. Records should be kept for seven years to comply with CRA regulations.
Revenues
- Arranging for internal control to ensure safeguarded procedures for the counting, reconciling and depositing of offerings and all other funds received by the Church.
- Maintaining a record of each person’s givings through the year, providing periodic “year-to-date” statements of givings and income tax receipts to each person.
- Receiving and banking any other revenues received.
Disbursements
- Arranging payment of all invoices and required payments.
- Arranging that all required payments are made to staff.
Financial Planning
- Preparing an annual budget in consultation with all Committees and Groups for approval at the Annual General Meeting.
- Together with the Stewardship Committee, developing and implementing revenue generation programs to meet budgeted expenses.
Reporting
- Preparing regular financial statements for the Council and for discharging the Committee’s oversight role.
- Presenting to the Congregation at the Annual General Meeting detailed statements of operating receipts and disbursements for the preceding church year, and the budget for the ensuing year, showing the estimated amounts required to carry on the work of the Church.
- Preparing and submitting annual financial reports to the national office of the United Church of Canada.
Compliance
- Ensuring compliance with CRA regulations, including filing an annual return by the deadline to maintain charitable status and payment of payroll source deductions.
- Ensuring appropriate signing authority for financial matters related to the Church. The signing authority for all disbursements, bank accounts and related documents administered by the Finance Committee shall require two signatures from designated persons.
- Recommending an independent experienced individual to review the church financial reports in place of a formal external audit as defined by the current UCC Handbook for Church Treasurers.
Other
- Attending to such other duties as the Committee or Congregation may direct.
- Appointing a Donations Coordinator who is a member of the Committee.