Parish Finance Council

PARISH FINANCE COUNCIL

MANDATE:

The Finance Council acts in a consultive manner to the Pastor under Cannon Laws 537 and 1280.  The Pastor looks to his Council for sound finance guidance and assistance in effectively planning the resources needed to develop or implement parish plans and programs.

In accordance with the Diocesan “Parish Regulations Manual” the Finance Council is a body separate from, but in close communication with, the Parish Pastoral Council.

MEMBERS:

The Finance Council consists of at least two members in good standing competent in financial affairs, acquainted with civic, canonical and Diocesan regulations.  Employees and Parish Bookkeeper are not eligible for membership in Finance Council.

RESPONSIBILITIES:

• Ensuring that appropriate internal control and safeguards are in place.
• Protecting assets and resources from loss.
• Ensuring accuracy and reliability of accounting data and reports.
• Securing compliance with policies.
• Evaluating performance.
• Supervising collections procedures.
• Directing and preparing annual budgets.
• Reviewing past years financial patterns
• Ensuring that projected income balances with anticipated expenditures.
• Ensuring that funds are available for ongoing building maintenance and future repair and replacement costs.
• Seeking input from the Parish Pastoral Council on projects that are financed for the growth of the Parish and which arise from the pastoral ministry.
• Liaising and reporting on different committees and ministries who have been given accountability for various budget programs.
• Monitoring actual financial results.
• Maintaining pre-authorization and approval of expenditures in accordance with the budget.
• Analyze variances between actual income and expenditures to the budget
• Recommending fund raising measures, maintain positive cash flow and depositing excess capital into the Central Fund.
• Preparing and publishing Annual Financial Report for parishioners.
• Members shall not place themselves in a conflict of interest by personally benefiting from the provision of goods and /or services to the parish.
• As the Council often deals with sensitive issues, and matters of a personal or private nature, members shall act, at all times, with confidentiality, discretion and sensitivity.
• Parish Finance Council ceases to exist in law with the transfer of the Parish Priest or Pastor to another appointment.  The newly assigned Pastor, however, may extend its mandate for six months.