Program Job Description – Finance Committee

Last updated: 2013-10-23                                     Back to Job Descriptions page

Program:

Finance Committee

Mission:

Oversee and support the financial health of the parish. FinCom interacts with the Vestry, the Parish Administrator, the Building and Grounds Committee, the Treasurer, and the Endowment Committee to accomplish this.

Vestry Contact:

Steve Marshall

Members:

Convener Clem Cole 978-985-6340
Member (other members are not listed here)

Responsibilities:

Convener

  • Schedules meetings and announces them via email
  • Oversees execution of committee responsibilities

Member

  • Provides the strategic financial planning for the Parish, including monitoring trends of income, expenses, and cash on hand;
  • Provides long-term financial perspective to the Treasurer (which is a short-term post) and serving as a sounding board for the Treasurer’s ideas and questions;
  • Collects budget requests from individual ministry groups in October of each year and constructing a budget starting point based on these by early November;
  • Manages existing loans and providing guidance on future loans, including negotiating term lengths, interest rates, and refinancing;
  • Manages opportunities pertaining to utility costs, with input from the Parish Administrator and the Building and Grounds Committee
  • Conducts the Parish’s annual financial audit including check writing and bill paying;
  • Maintains a master list of future capital projects, with input from the Building and Grounds Committee
  • Educates the Parish on ways to donate, including pledges by EFT, stock donations, retirement accounts, planned giving, etc
  • Makes recommendations pertaining to cashless servicing of Parish stewardship, including credit card and EFT transactions.
  • Consults for:
    • The Vestry in their approval of all Parish finances, both budgeted and actual
    • The Treasurer and Vestry who monitor each month the inflow and outflow of money against budget
    • The Vestry and Endowment Committee on the intent and usage of our Parish’s Endowment, including Endowment bylaws
  • Should be kept informed of:
    • Large Parish expenses including our Diocesan assessment;
    • Deposits into, and transfers between, Parish checking, savings, and CD accounts;
    • Deposits into Parish Endowment accounts;
    • Spending by the Vestry from restricted accounts, memorial funds, and new donations;
    • Current status of Endowment funds as reported by the Endowment Committee;
    • Any decisions by the Vestry to spend Endowment receipts;
    • The Diocesan Report generated by the Treasurer.

Calendar:

January 7

Prepare final budget for approval by vestry

February 1

Review job description and update if needed
October 15 Collect budget requests from all groups in parish
November 7 Prepare strawman budget for review by treasurer and vestry
December 7 Prepare draft budget for review by treasurer and vestry

References:

None

Useful Info:

None