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Finance

Advises the Board of Trustees in matters pertaining to planned giving and administration, investment, and expenditures of funds. Meets on the third Wednesday of each month.

This committee's Members-Only area contains:
--a blank committee budget request form
--an extract of the strategic plan for use in completing committee budget requests.

Finance Committee Charter


I. Functions & Objectives

The Finance Committee is a "standing committee of the Board Of Trustees" according to section 9.1d(iv) of the by laws. [i] Objective: In order to enhance sound financial management and carrying out of the church’s Mission and Vision, the Finance Committee is charged with:

A.Reporting to the board on the financial condition of the church, and significant trends and issues affecting the church’s financial condition to be addressed by the committee, the board, and other entities;

B.Following the board’s study of how the annual budget could achieve the church’s strategic goals and objectives, reviewing, correcting and explaining the preliminary annual budget and capital budgets of the church prepared by staff, and presenting them to the congregation (sect. 13.2 of the by laws);

C.Finalizing the budget with staff assistance, and submitting the budget to the board for its approval, and subsequently presenting it to the congregation;

D.Reviewing recurrently (normally on a monthly basis) income received and expenditures made by the church; should significant deviations of income or expenditures occur from the approved budget, proposing corrective action;

E.Overseeing the work of an outside firm in auditing the church’s financial statements, reviewing the draft audit and the management letter, and ensuring that the auditor’s work is thorough and is reviewed by the board of trustees;

F.Investing the assets of the church, considering:
- Preservation of the principal;
- Maximizing total return;
- Requirement for socially-responsible investing;

G.Reviewing recurrently (normally on a quarterly basis) investments and their income;

H.Receiving requests for expenditures from special named funds as appropriate, and making recommendations to the board;

I.Cooperating with the fund development committee, stewardship task force, or equivalent; it is desirable that one or more members of the Finance Committee participate in the work of the fund development committee.

II. Organization

A. Membership

1.) The number of members of the Finance Committee is not determined. However, the number of 7-9 voting members of the church is considered to be appropriate.

2.) Non-voting ex officio members of the Finance Committee are according to sect. 9.2c of the by laws:
- the ministers,
- the administrator of the church

B. Officers

1.) The chairperson of the Finance Committee is appointed by the board. In the past, the treasurer has often been appointed as chair, but this is not required in the by laws.

2.) The Finance Committee elects or appoints a vice-chairperson (sect. 9.5a of the by laws). The vice-chairperson assumes all responsibilities of the chair, should the latter be prevented from or be unable to perform them. If such a period of an absence of the chair exceeds two months, the board will consider a temporary appointment in accordance with sect. 7.8a of the by laws.

III. Meetings

The Finance Committee meets as a rule monthly. If required, additional meetings might be scheduled. Likewise, a period of two months could be covered by one sole meeting.

Iv. Adoption and up-dating of this charter.

This charter was adopted by the Finance Committee on 15 may 1991 and approved by the board on 24 may 1991. It should be reviewed each year in January and updated as may be necessary (sect. 9.6 of the by laws).

Revised January 1993
Revised January 1996
Revised March 2003
Revised November 2007


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[i] The finances of an older church such as ours with property and investments are complex and require monitoring and interpretation by dedicated volunteers, competent staff, and auditors working together.

last reviewed: 12/2012

Last Published: December 19, 2012 3:29 PM