Finance Committee

 

TERMS OF REFERENCE
FINANCE COMMITTEE 
Purpose: 
To manage the finances of Orleans United Church as set out in the annual budget, in the best interest of the congregation and within the overall objectives of the church. 
Membership: 
  • Chair
  • Vice Chair
  • Secretary
  • Treasurer
  • Accounts Payable
  • Envelope Steward
  • PAR Steward
  • Counting Coordinator
  • Members at large
Members of the committee are members or adherents of Orleans United Church and are assigned to specific coordinating functions. 
Functions: 
  • Preparing the annual budget for the approval of the congregation for each fiscal year;
  • Submitting the budget to the Council and subsequently to the congregation at the Annual General Meeting;
  • Supervising, approving and authorizing the disbursement of funds in accordance with the approved budget;
  • Assisting and liaising with committees such as Stewardship/Outreach in securing contributions for local expenses;
  • Receiving and considering proposals for amendments to the approved budget during the year and recommending changes to Council in accordance with the congregational policy on control of church assets;
  • Presenting a monthly financial report to each meeting of the Council;
  • Presenting a financial statement of receipts and disbursements for the previous year to the congregation at the annual general meeting (AGM);
  • Recording the receipt of all funds and issuing official tax receipts for charitable contributions received;
  •  Providing information for the update of the Memorial and Celebration Fund book and acknowledging other special donations;
  • Preparation and distribution of a roster of duty stewards and volunteers for counting Sunday offerings;
  • Establishing procedures for counting weekly offerings;
  • Coordinating duty stewards for counting and deposit of offerings; and
  • Coordinating with Trustees in accounting for all Memorial Funds.
NOTE: For a detailed job description of the specific members of the Finance Committee and the Signing Procedures of Orleans United Church, see Appendix A. 
Liaison: 
·        The Chair/Vice-Chair of the Finance Committee is to be a member of Council.
·        The Treasurer is to be a member of Council.
·        One member of the Finance Committee shall be a representative of the Ministry and Personnel Committee and will attend M&P meetings as required.
·        Liaison with other OUC committees such as Christian Education and Fundraising is to be shared among all finance committee members as required.
Appendix A 
JOB DESCRIPTION AND SIGNING PROCEDURES 
Chair: 
·        The term of office for the Chair shall be for two years.
The Chair:
·        Shall set the agenda and preside at finance committee meetings and is a signing officer for the congregation.
·        Shall prepare the budget for presentation to Council and subsequently to the congregation at the Annual General Meeting.
·        Shall represent the Committee with respect to financial matters of OUC for all areas not otherwise assigned.
·        Shall arrange for regular review/audit of annual financial statements. 
Vice-chair:
·        Shall act on behalf of the Chair during the Chair’s absence or as requested by the Chair. 
Secretary: 
·        Shall keep a record of proceedings, provide copies of minutes to all members for committee meetings and maintain custody of key documents. 
Treasurer: 
·        Shall receive all financial information from the envelope and PAR stewards, open offering and other sources and maintain a record of all receipts and disbursements.
·        Shall present a statement of accounts for each monthly council meeting or when called upon by the Finance Committee or Council.
·        Shall present a statement of accounts at the end of the financial year for presentation at the AGM.
·        Shall prepare and upkeep payroll schedules for staff members.
·        Shall prepare Canada Custom and Revenue Agency documents as required.
·        Shall complete the Registered Charity Information Return prior to 30 Jun.
·        Shall be a signing officer for the congregation.
·        Shall balance the bank statement with the General Ledger on a monthly basis. 
Accounts Payable Member: 
·        Shall pay all bills on a regular basis.
·        Shall make all investments where required with approval from the Finance Committee.
·        Shall follow-up with committees on outstanding bills and is authorized to pay extraordinary expenses.
·        Shall be a signing officer for the congregation. 
Envelope/PAR Steward: 
These responsibilities are handled by one or more persons: 
·        Shall record the receipt of all funds received through the collection plate and issue official tax receipts for these contributions at year-end.
·        Shall provide a monthly report to the Treasurer outlining envelope, PAR and unassigned receipts for the month.
·        Shall record all pledges received through special appeal campaigns.
·        Shall provide interim statements as required.
·        Shall issue special receipts for Honorariums, Memorials and donations on the advice of the Chair of the Finance Committee or the church Office Administrator.
·        Shall be responsible for acknowledging by letter, the receipt of special memorials and donations. The information shall come from the Treasurer; and
·        Shall be responsible for ordering all envelopes and assigning envelopes as requested. 
Counting Coordinator: 
·        Establish the procedures for counting the weekly offering.
·        Prepare and distribute a roster of duty stewards and volunteers for counting the Sunday offering. 
Spending Limits: 
Non-budgeted spending limits shall be as follows:
  • Finance Committee: $2,500 with approval from the Council executive.
  • Council: $5,000 with approval from council members.
Signing Procedures: 
·        Cheques up to $3,000.00 require one (1) signature.
·        Cheques over $3,000.00 require two (2) signatures.
Revised April 2004