finance

Finance Ministry

Charter Statement:

The Finance Ministry Team is chartered to oversee the preparation of a draft budget and stewardship plan for the year. This ministry promotes the expression of Christian Faith in daily living through the education of the Christian use of time, talents, and treasures. This ministry oversees the congregation investments and banking activities as directed by the Congregation Council and ensures all business conducted by the church is legal, ethical, and fiscally responsible.

Responsibilities:

  1. Supervise responsible expenditure of funds in accordance with the Constitution and By-Laws. Obligations of more than one percent in excess of the budget must be voted on by the congregation as per the FELC Constitution.
  2. Plan, lead and coordinate all stewardship activities.
  3. Develop policies and procedures to ensure that the financial affairs of this congregation are being conducted in a businesslike manner.
  4. Supervise and schedule the finance counters.
  5. Perform an annual self-assessment to ascertain that all church business is being conducted per the Constitution, By-Laws, and all applicable policies and procedures.
  6. Provide responsible financial and property advice and management direction regarding long-term capital improvements, capital replacement, operating budgets, and staff salaries to the Council Executive committee.
  7. Conduct an independent audit of the financial transactions of the congregation at least every 5 years to ensure legal, ethical, and fiscal responsibility is being upheld.
  8. Process all memorial gifts and monies received and work with the family members, standing committees, Congregation Council, and the congregation to ensure that useful and appropriate memorial gifts are purchased.
  9. Establish and approve a charter for the endowment fund sub-committee and oversee its activities.
  10. Establish and approve a charter for the memorial sub-committee and oversee its activities.
Authorities:
  1. Consolidate and propose annual budget and stewardship plans to the Congregational Council.
  2. Develop policies and procedures for the finance secretary, book keeper, and counters.
  3. Oversee and make recommendations for changes to the Council for this congregation's investments and insurance program.
  4. Make recommendations to the Congregational Council regarding salaries and benefits for the staff. The council has final authority for all staffing decisions.
  5. Buy, sell, or encumber real property as authorized to do so by the congregation (via approval of the annual budget at the annual congregational meeting) or with the council's approval.
  6. Recommend to the Congregational Council entering into contracts involving but not exceeding one percent of the annual budget for items not included in the budget
Reporting Requirements:
  1. Submit a draft budget and stewardship plan to the Congregation Council in time to be proposed to the congregation during the annual stewardship emphasis and annual meeting.
  2. Provide a profit and loss and balance statement to the council on a monthly basis.