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Finance Committee

Purpose: To manage and provide for the budgeting, pledge record keeping, bookkeeping and finances of the Fellowship.

Membership: The committee shall consist of a chairperson appointed in a manner consistent with Bylaws Articles VII, Section 1(a) and Article VIII, Section 1(b).

Responsibilities:

1. Prepare the annual operating budget in accord with the Bylaws (Article V).

2. Provide information and recommendations for employee compensation and for other expenditures for Fellowship programs.

3. Arrange for an annual review of the financial records by a qualified person chosen by the Board.

4. Manage insurance of fellowship property.

5. Manage loans to the fellowship.

6. Make recommendations to the board about buying and selling stocks and bonds and other investment decisions.

7. Monitor pledge income, issue letters to members who may be falling behind in their pledges, and take other action that may be deemed necessary. Report results to the board.

8. Periodically review the general income and financial condition of the fellowship.

9. If necessary, make recommendations for mid-year budget corrections.

10. Review and update the Financial Policies and Procedures section of the fellowship's operations manual.

Financial Policies and Procedures

1. Sunday Collections: The money is collected by the ushers appointed by the Sunday Services Committee. Following the collection, an usher and the Board host are to count the money and record the amount on the collection envelope found on top of the safe. Both are to sign the envelope and place it in the safe through the slot near the top of the safe.

2. Checks received during the week shall be placed in the safe.

3. Money budgeted for annual operating expenses may be expended only during the budget year. Money not spent may not be carried over from one budget year to the next unless the board or the congregation specifically authorizes the carryover. In that case, budget revenue for the carryover will be listed on the budget as restricted fund balance and will be reflected as same on the balance sheet.

4. Names and addresses of recipients who are beneficiaries of cash, coupons, store certificates, etc., must be documented and recorded by the appropriate committee or individual distributing the gifts. In lieu of a receipt, the documentation should include:
   1. the date and the amount of the gift,
   2. the committee member or staff approving the gift, and
   3. the person's name and address.

5. The board shall appoint a member of the board to be the "temporary treasurer." The temporary treasurer will be an authorized signer of checks and will be authorized to collect and disperse funds of the congregation in the event that the regular treasurer is temporarily unavailable or unable to carry out the duties of the office.

6. Should the treasurer or family member require to be reimbursed for money spent on the behalf of the fellowship, the temporary treasurer appointed by the board shall sign the check.

7. Stocks received as payment of an annual pledge shall be cashed upon receipt by the Treasurer. Stocks received for and dedicated for a specific purpose shall be cashed in a timely manner to satisfy the desires of the donor. The decision to hold or to cash in stocks received for long-term programs shall be the responsibility of the Special Funds Committee.

8. In order to ensure fellowship fundraising priorities are maintained, all requests for gifts, special collections, fund raisers, etc. must be approved by the Fundraising/Pledge committee.

9. All disbursement of funds shall have appropriate documentation.

10. If appropriate restricted reserves exist, expenditures should be charged first to the restricted reserve account and then, if the reserve account is depleted, any remaining expenditures would be charged to the appropriate budget account.