Finance Committee New Year To Do List: Part II
In January, we wrote an article titled, “Finance Committee To Do List: Part One.” This month, we continue this series with part two.
12. If you are newly elected to the position of treasurer, financial secretary or Chair of Finance – meet with the person who held your position previously! Your predecessor will have financial records, reports, meeting minutes, important documents, and plenty of good advice to offer that will be helpful in establishing a starting place for your work.
13. The chair of the committee on finance should contact committee members and set up a time for the initial meeting. It’s probably a good idea to invite the previous treasurer, financial secretary and chairperson to this transitional meeting.
14. At the first meeting – this is a good time to look at the goals you hope to accomplish.
- Look at all policies – check writing – internal controls – expense reimbursements, etc.
- Designate or reaffirm the designation of certain individuals to sign checks, approve.
- Disbursements, reconcile bank accounts, count and deposit offerings.
- Talk about annual audit.
- Deal with ongoing business of the church such as prior months income and expenses.
- Determine how often your Committee should meet.
15. At the end of the year, review the annual reports by the treasurer for accuracy and transparency. Remember these reports are what determines apportionments and they must be accurate. Also, make arrangements for the annual audit. Lastly, finalize the annual budget and submit it to church council.
Duties of the Treasurer:
- Fund Disbursement – The treasurer shall disburse all money contributed to local church budget and any other fund approved by church council.
- Reporting – The church treasurer shall make regular and detailed reports on funds received and expended
- Monthly remittances to the Conference Treasurer – Each month, the treasurer will send apportionment money to the Conference and the District.
- Work with the Financial Secretary.
- Be a member of the charge conference, church council and committee on finance.
- Some things the Treasurer is not to do: Do not ever count money or deposit money; do not serve on the audit committee; do not serve as the financial secretary; do not authorize payments of expenditures; do not sign checks, and if you do, be one signer with another; and do not reconcile bank accounts.
Duties of Financial Secretary
- Supervise the offering count.
- Promptly deposit cash from offerings and give a record of each deposit to the treasurer.
- Keep records of contributions.
- What Financial Secretary should not do: serve on the audit committee and do not serve as the treasurer for the church.
Duties of chairperson of the Committee on Finance
The Chairperson has many responsibilities. Here are some of the most important:
- Compile an annual budget.
- Develop plans to raise the needed money.
- Guide the treasurer and financial secretary.
- Establish written internal controls.
- Report to the church council all designated funds.
- Designate the people who can sign checks and make sure this information gets to the bank.
- Designate who can approve disbursements.
The Finance Committee and all its members do a vital ministry for every local church. Make sure that all committee members are trained at a District Event or call the Treasurer’s Office and/or the Foundation to get help. (804-521-1121) If you haven’t ordered a copy of Finance – Handling God’s Money in the Church from Cokesbury, please do so.