September 23, 2014
- Description and Mission
The Finance Committee is established to provide oversight and advice/recommendations to the Board of Trustees and Congregation on financial matters. monitor the church’s financial status and guide the transactional financial policies of the Church.
The Finance Committee shall consist of a minimum of three and a maximum of five members, appointed by the Board of Trustees. The Chair of the Committee shall be elected by the members of the Committee. The term of membership is two years. Members may be reappointed by the Board for up to two additional terms.
The Treasurer and Assistant Treasurer are ex officio members of the Finance Committee. The Board of Trustees will appoint a Trustee the liaison to the Committee.
The Finance Committee has the following responsibilities:
- Review the Balance Sheet, Profit and Loss Statement, and any other reports provided monthly by the Treasurer. Monitor financial transactions against the approved budget and notify the Board and Treasurer as soon as any discrepancies are identified, such as when expenses exceed or are projected to exceed budgeted amounts for specific line items, or when income shortfalls are occurring or projected. Selectively review banking documents to reconcile reported financial data in the Treasurer’s Report. The Committee shall provide a brief report to the Board (via the Board liaison) on its findings each month, and may recommend corrective actions if appropriate.
- Work with the Stewardship Committee to provide communications to members and friends about pledges and other financial matters.
- Provide representation on the Budget Leadership Team (BLT) and, as requested, provide finance related input to the BLT, other Committee Chairs, and the Board.
- Recruit, train and schedule counters for Sunday services; set, regularly review, modify, and disseminate policies and procedures for Sunday counting.
- Provide support to other Committees/activities regarding the handling of cash and other income; e.g., Auction Team, Holiday Dinners, etc.
- Oversee an internal audit of the church books and financial procedures by qualified outside parties at least once every 5 years, and an external audit every 10 years.
- Undertake responsibility for other PBUUC financial matters as mutually agreed to between the Board and the Finance Committee.
The Finance Committee is headed by a Chairperson selected by the Committee. A quorum of members of the Committee must be present at meetings to conduct office business—one half of the committee members shall constitute a quorum.
The Finance Committee shall meet monthly at a time mutually agreed to by the Committee and the Treasurer, so that reports for the preceding month are available.
The Committee meetings will be open to the membership unless an Executive Session is announced in advance. Notice of meetings will be announced in advance.
The Committee Chair will establish a procedure for taking minutes which will be filed in a placed available to the Board and members.
The charter shall take effect immediately upon its approval by a two-thirds majority of the Board. Unless terminated by a two-thirds vote of the Board, the Finance Committee shall exist as a permanent committee of the Church. The Board may amend the charter at the request of the Finance Committee or on its own motions. In either case, amendments to the Charter must be approved by a two-thirds majority vote of the Board.