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Parish FINANCE Council Charter - 2016

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Parish Finance Council Charter for 2016,St. Monica Parish

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Parish FINANCE Council Charter - 2016

  1. 1. 1 ST. MONICA FINANCE COUNCIL CHARTER - 2016 Purpose Statement: According to Canon Law,theparish … “which is governed,in addition to universallaw, by normsissued by the diocesan bishop and in which the Christian faithful,selected according to these samenorms,are to assistthe pastorin theadministration of the goodsof the parish (Canon #537).” The Parish Finance Council(PPC) existsto supportthePastorin this endeavoras good stewards of theparish.The PPC providesaccountabilityto theparishionersand diocese by optimizing thefinancial resourcesfor fulfillmentof theParish Mission,and by providing counselto the Pastoron financial and related matters. Deliverables- KeyResponsibilities: 1. Develop the annual parishbudget withinput fromthe pastor,parishstaff,Facilities Committeeand Pastoral Council to ensure the efficientuse of parishresources in achievingthe ParishMission(Task:Budget) a. Collectinputfromthe Pastoral Council andparishstaff byApril 30 b. Collectfacilitiesmaintenance andcapital expenditureneedsfromFacilitiesCommittee by April 30 c. Reviewparishemployee compensationbyApril 30 d. Developthe annual parishbudgetbyMay15 e. Communicate the annual parishbudgettothe parishandarchdiocese byJune 1 f. Update the parish5-yearplanby October2014 g. Communicate tothe parishand archdiocese byendof July. 2. Ensure the accuracy of parishfinancial recordsin order to provideinsighton the financial healthof the parish (Task:Financial Review/Audit) a. TogetherwithParishBusiness/FinanceManager,review monthlyfinancialstatements comparingactual to budgetand prioryear (income statement,balancesheetandcash flowforrestrictedandunrestrictedfunds)within30days of monthend. b. Reportany financial anomalies,concernsorsignificantvariancestothe Pastorand Finance Council. c. Reviewandsignoff onthe annual Archdiocesanreportforthe parishwithin60 daysof yearend d. TogetherwithParishBusiness/FinanceManager,review general ledgerdetail and reconciliationof accountsquarterly.
  2. 2. 2 3. Communicatefinancial results tothe parishand archdioceseand other relevant constituencies (Task: Financial Reporting). a. Work withParishBusiness/Finance Managertoproduce quarterlyandannual financial statementswithcommentaryfordistributiontothe parishthroughthe bulletinand website andArchdiocese within45days of quarterand year-end. b. Ensure promptsubmissionof annual Archdiocesanreportforthe parishwithin60days of year-end. 4. Oversee the 5-Year Capital Campaign tooptimizethe resources availableforthe achievement of the parishmission (Task:Stewardship) a. Work withParishFinance/BusinessManagertoprovide oversightof the 5-YearCapital CampaignincooperationwithCunneenCorporation. i. Monthlyreviewpledge redemptionprogress ii. Monitorlost pledges onmonthlybasis(Update providedbyBusinessManager) iii. Monitornewparishionerappeals (Update providedbyBusinessManager) b. Reviewandadjust parishprogramforelectronicgivingbyJune 2014 5. Sync 5-Year Capital Campaignandparishbudget withparish5-year Master Planin order to maintainpropercash flowand to ensure a proactive, coordinatedmatchingofparishfunding with parishspiritual,pastoral andtemporal needs. a. Work withParishFinance/BusinessManagertoprovide oversightof the 5-YearCapital CampaignincooperationwithCunneenCorporation.(Task:Stewardship) b. Work withParishBusinessMangerandParishWebmastertocommunicate tothe parish on monthlybasisthroughuse of Pastor’sFlockNote,website andTwittercapabilities. (Task: Financial Reporting). 6. Together with ParishBusiness/FinanceManager,annuallyreviewaccountingandinternal control systems by June in order to ensure compliancewith archdiocesan guidelines (Task: Financial Review/Audit) [ Still open: month?] a. Conductannual reviewof accountingprocessandinternal controlsespeciallyregarding cash and blankcheckhandlingagainstbestpracticesasrecommendedbythe Archdiocese b. Reviewbank accountsigners. c. Reviewasample of parishcreditor debitcardsand invoicestoverifythatall expenses were forparish(notpersonal) purposes.
  3. 3. 3 7. Together with ParishBusiness/FinanceManager,annuallyreviewtaxand regulatory complianceforthe parishin order to ensure compliancewitharchdiocesanguidelinesand federal andstate laws (Entire FinanceCouncil) [ Still open:month? ] a. Reviewtax proceduresforwithholdingforpayroll taxes b. Reviewproceduresforissuance of 1099-MISC Federal Formsforcontractors c. Reviewparishcompliance forreportingof charitablecontributionstoparishioners 8. Monthlyreview any majorparish financial transactionsinexcessof$10,000 prior to execution includingexpenditures,leases,new employeepositions or other financial commitmentsin order to ensure the efficientuse of parishresources in achievingthe parish missionand to ensure compliancewith archdiocesan guidelines (EntireFinanceCouncil) 9. Oversee financial activityofparishgroups andministries in order to ensure compliancewith archdiocesan guidelinesandconsistencywiththe parish mission guidelines(Task:Financial Review/Audit) a. Reviewannual budgetforauxiliarygroupswithexpensesover$1,000. b. Reviewbankstatementsandannual reportforauxiliarygroupswithexpense over $1,000 10. Initiateannual discernmentprocess for introductionofnew ParishFinance Council membersto ensure compliancewithCanonLaw; ensure fulfillmentofPurposeStatement andprovide a seamlesstransitionto followingfiscal / operational year(Task: FinanceCouncil Chair) a. MeetwithPastor aboutprocess(EarlyJanuary2016) i. Reviewcurrent“Charter”includingPurpose Statement,deliverablesand guidelines ii. Discussenvironmental chances(SWOTAnalysis) iii. Discusschangesand adjustmentneededinCharter iv. Rewrite andsubmittoFinance Council (JanuaryMeeting) b. BeginDiscernmentProcess(Pastor –February,2017) c. Reviewbankstatementsandannual reportforauxiliarygroupswithexpense over $1,000 11. Annual spiritual activityforParishFinance Council (togetherandin collaborationwithother parishorganizationsperhaps?) to provideproper stewardshipof parishresources (inthis case, the actual members ofthe FinanceCouncil), ensurethat spiritual focusof FinanceCouncil and the personal relationshipofthe members withJesus Christis maintained. (Task:Finance Council Chair)
  4. 4. 4 Team Operating Guidelines:Thisdefinesthe meetingstructure andtiming,problem-solvingprocess, policyfor makingdecisions andresolvingconflictsandany other operatingguidelines.  Meetingswill be heldmonthly, onthe 3rd Thursday eachmonth, 9 timeseachyear(more frequentlyasneeded)onthe basisof a schedule arrivedandagreeduponafternew Finance Council membersare appointedinApril eachyear.  An agendaandthe mostrecentfinancial statementswill be providedtothe council members before eachmeeting.  Minuteswill be takenatall meetingsandpublishedonthe parishwebsite afterapproval bythe Finance Council Team Norms and Ground Rules:This outlineshowthe PFCwill communicateand share feedback,deal with commitmentandinvolvementof members, set tone and celebrate successes.  Role of Employees o Parishemployeesare notmembersof the Finance Council. o ParishBusinessManagerwill providethe Finance Council withregularfinancial statementsandaccessto financial documentationasneededwithin areasonable time frame. o ParishFacilitiesManagerwillprovidethe Finance Councilwithinformationregarding facilitymaintenance requirements asneededwithin areasonabletime frame.  Confidentiality o Finance Council membersmustmaintainconfidentialityonmattersdesignatedas confidential  RecordRetention o The ParishBusinessManagershouldmaintainrecordsincludingminutesandfinancial statementsforfuture reference. Agenda (90 minutes.Meetingsheldin parishrectory):  “The GoodNews”- Individual Council Members: 5minutes  Prayer,SacredScripture,Tradition, Quiet- 15 minutes  Reporting(See below) - 20 minutes  IPDS(“Identify - Prioritize - Discuss - Solve”) 45 minutes  Conclude - (RecapTo Do List;Messaging to 5 minutes Parish;Score Meeting)
  5. 5. 5 Reporting:  Finance Council Team Scorecard (Council Chair:5 minutes) o Is “what’simportant”on track? o If not,issues dropsdown to IPDS  Personal “TaskReview” (ResponsibleCouncil Members: 5minutes) o Is “what’s important”on track? o If not,issues dropsdown to IPDS  Parish/Finance Council “Headlines” (Individual CouncilMembers: 5minutes) o 1-Sentence o Any“Hot Issues”dropdownto IPDS  ReviewLastMonth’s To-DoList (Council Chair:5 minutes) o 30 Day “ActionItems” o 90% fromlastmonth shouldbe complete Finance Council Tasks: Each of the Deliverables/KeyResponsibilitiesandtheirrelatedactivitiesis assignedto one of the “Task” areas listedbelow. Each “Task” area isto be assignedto at least one memberof the Parish Finance Council.That member will be responsible forthe oversightand completionofactivitiesassociatedwith that particular “Task” area. Tasks:  Financial Review/Audit- Ensure the accuracy of the financial informationandadequacyof financial controls.  Financial Reporting – Provide timelyreportingof financial resultstoarchdiocese andparishto ensure transparencyandoversight.  Budget – Maximize the effectivenessof the allocationof future resourcesof the parish.  Stewardship/Fundraising– Ensure adequacyof resourcesforthe parish mission.  The Facilities / PropertyCommittee: o While notofficiallyapart of the Finance Council, the Facilities/PropertyCommittee worksinclose cooperationwiththe PFC. o A memberof the FPC will be presentatall Finance Council Meetings whenrelevant mattersneedingclose cooperationandcommunicationare pending.Tofacilitate scheduling,representativesof bothgroups alsohave the option will meetpriortoeach Finance Council meeting.
  6. 6. 6 Membership:  Finance Council will be comprisedof 8– 12 memberswithstaggeredterms. Eachmembermay serve upto 2 two-yearterms. Atthe endof the firsttwo-yearterm, the Pastormayofferthe Finance Council memberthe optiontoextendeitherasecond two-yeartermora one-year term.  Finance Council memberswillbe selectedbythe PastorfromSaintMonica parishionerswho have eitherappliedorhave beenproposedbyParishFinance/Pastoral CouncilsorParishStaff, basedon the applicants’financial knowledge andrelevantskillsandcommitmenttoattendat least75% of the Finance Council meetings.  In orderto enhance communicationbetweenthe FinanceCouncil andthe Pastoral Council,one Pastoral Council memberwill make abestefforttoattendeach Finance Council meetingand one Finance Council memberwill make abestefforttoattendeachPastoral Council meeting.  Officers o The Finance Council will be leadbythe Chairpersonwhowill be selectedbythe Pastor at the recommendationof the priorChairperson. Parish Finance Council Calendar: January - Conductannual review of tax andregulatorycompliance February - Begindiscernmentfornew Finance Council Members March/April - Publicize needfornew memberstoFinance Council (bulletin,mass,Parish website) - Requestapplicationsby2 weeksbeforeEaster - Announce new Finance CouncilmemberatEaster - CollectinformationforbudgetprocessfromPastor,staff,Pastoral Council, and FacilitiesCommittee - Reviewcompensation May - Develop nextfiscalyearparishbudget - Hold“electronic”Sundaytopromote electronicgiving June - SubmitnextyearbudgettoArchdiocese andshare withparish July - August - SubmitArchdiocesanreportforthe ParishbyAugust31 September - Late Sept,conductparishpledge drive - Reviewannual budgetandprioryearannual reportforparishgroupsand ministrieswithexpensesover$100 October - November - December -
  7. 7. 7 Council Chair: _____________________________ (2016/2017) Members: Term: Email: Phone: _______________________________ ______________ ____________________ ________________ _______________________________ ______________ ____________________ ________________ _______________________________ ______________ ____________________ ________________ _______________________________ ______________ ____________________ ________________ _______________________________ ______________ ____________________ ________________ _______________________________ ______________ ____________________ ________________ _______________________________ ______________ ____________________ ________________ Ex Officio:  TheresaCarey tcarey@saintmonicachurch.org  Fr. CharlesZlock pennpadre25@gmail.com  Scribe:  Timekeeper:

Parish Finance Council Charter for 2016,St. Monica Parish

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