Finance Committee

Mission: The Finance Committee assumes responsibility for the finances of the congregation under the direction of the Session.  This shall include developing and monitoring a church budget, financial recording and reporting, disbursement, investment planning and review and auditing of records.

A. Organization

The Finance Committee shall consist of at least five active members of the congregation to include a Chair, a Secretary, the Church Treasurer and at least two additional persons.  The Pastor and the Bookkeeper shall be ex-officio non-voting members of the Committee. The Chair and the Secretary shall be elected by members of the Finance Committee and shall be Finance Committee members.   At least one member of the Committee shall be a Ruling Elder.

B. Meeting Frequency and Agenda

The Committee shall hold a regular meeting commencing at 7 PM on the second Wednesday of each month unless modified by agreement of Committee members.  Special meetings may be called as the need arises.

All meetings shall open and close with prayer.  The Secretary shall record minutes of all meetings to at least include all motions, business, and recommendations for action requested of or by Session.  Minutes of regular meetings shall be filed each month with Session and Finance Committee members no later than the Friday preceding the monthly meeting of Session.

At each regular meeting the Committee shall review financial statements and transactions of the preceding month as presented in reports provided Session the week preceding the Financial Committee meeting as well as any other pertinent financial information, discuss special requests for use of funds and identify areas which require special attention.

Investment performance shall be reviewed quarterly in January, April, July and October following receipt of investment statements at the end of each quarterly reporting period.

C. Fiscal Year

The Church Fiscal Year shall commence January 1 and conclude December 31.

D. Responsibilities

  1. Initiate standing committee annual budget preparation in August for submission to the church Treasurer no later than September 1. Action shall be initiated by a Church Treasurer drafted letter to each standing committee chairperson.
  2. Lend strong support to the Church Treasurer in preparation of the annual budget to ensure the budget is presented to Session no later than the November meeting of Session.
  3. Insure timely initiation of the Annual Stewardship Fundraising program, to commence no later than September 1.
  4. Lend strong support to the Stewardship Committee in developing a plan to raise funds to support the annual budget.
  5. Monitor and maintain Endowment Fund records including quarterly adjustment of Fund balances to insure a current accounting of availability of funds from the various endowment benevolences.
  6. Provide support to Session in the assignment of newly received Endowments to the designated/determined benevolence and insure proper recording of principle to the benevolence record.
  7. Insure that a Recognition Plate honoring the donors is obtained and installed on the Endowment Fund Plaque in the Church Narthex upon receipt of any new bequest in excess of $5,000.
  8. Monitor and maintain the Memorial Fund record. Insure proper recording of newly received gifts to the Memorial Fund record.
  9. Insure the name of the individual in whose name a donation was made is entered in the Memorial Donations Register maintained in the Church Narthex in a timely manner.
  10. Approve disbursement of all Endowed Interest and Memorial fund monies by signature of an appointed Committee member, the Church Treasurer and the Pastor.
  11. Recruit, train and schedule weekly offering counters.
  12. Insure timely bi-yearly Church member financial statements are prepared and posted by the Bookkeeper.
  13. Monitor all Church investment instruments and make changes as determined appropriate.
  14. Review and maintain Church insurance policies.
  15. Annually evaluate the work of this Committee and its job description and make necessary changes.
  16. Provide for professional growth of the Committee members through consideration of attendance at pertinent conferences, conventions and continuing education.
  • Annually in August recruit an ad hoc Financial Review Committee and ensure a review of all financial records of the Church is conducted after December 30, the end of the Church fiscal year, but no later than January 15, to insure the Financial Review Report is completed and available for the January Congregational meeting. The Financial Review Committee will consist of at least three church members with appropriate skills and experience.  No member of the Financial Review Committee shall in any manner be related to the Church Bookkeeper, the Church Treasurer or the Pastor nor reside in the household of any of these persons.
  • Provide an annual report of the financial condition of the Church including operational finances and Endowment and Memorial Fund performance, expenditures and balances for presentation at the January Annual Congregational Meeting.
  • As a backup to the Church Treasurer and the Clerk of Session, a member of the Finance Committee approved by Session shall be authorized to sign General Fund and Building Fund checks.

E:  Relationships

The Stewardship Committee works as a sub-committee to the Finance Committee.  Finance works closely with the Church Treasurer and the Church Bookkeeper as well as all Church standing committees for budget planning, input and performance.  This Committee reports to and is accountable to the Session.