Removing the Financial Review Standing Committee

Green highlights = added wording                      

Blue highlights with strikethrough = deleted wording

Section 04 Standing Committees of the Congregation

  • All members serve for two-year terms corresponding to the Church fiscal year, that begin February 1st with a staggered rotation. Terms end January 31st. A committee member completing two terms may not be re-appointed or re-elected until after one year off the Committee.
  • Vacancy of any office due to death, resignation, or other cause shall be filled by the Board by appointment with the input of the Leadership Succession Committee. When a standing committee vacancy occurs, the time served during the vacancy will not be counted toward term limits. At the following Annual Meeting, an election will be held for a new term.
  • Ministers and staff are ex-officio members of standing committees.

 (b) The Financial Review Committee

The Financial Review Committee shall consist of three persons who have not been involved in Church finances or the Board for at least two years. They may do a full review of the Church’s financial health and procedures or may select one portion of the financial area to review, in accordance with their policies found in the Congregation and Board Policy Manual. The Financial Review Committee submits a written report to the Congregation at every Annual Meeting.  All financial reviews shall be available for Church members’ inspection.

Replacing the Congregational Financial Review Committee with the Board’s Finance Committee
  • Review Committee is a 3-person standing committee elected by the congregation.
  • Responsibilities were vaguely defined and has been largely inactive.
  • Review Committee is redundant to the Finance Committee. Board has expanded Finance Committee responsibilities.
  • Two audits have been conducted with no significant negative findings.
  • Staff and internal procedures have been strengthened, and the church’s Director of Finance is highly qualified.

Board’s Finance Committee Members

  • Joyce Etheridge, Chair
  • Jan Lee
  • Kevin Whitmore
  • Dumas Slade
  • Michael McDonald
  • David Steele
  • Kristen Hyre

Additional Finance Committee responsibilities added to the Policy Manual

(in green highlights)

Policy 3.05: Finance Committee

  1. Is comprised of up to five members including the treasurer. The chair and members are named by the board. The director of finance serves as staff liaison to the committee.
  2. Assists the board in meeting its fiduciary responsibilities. Treasurer provides financial information monthly at the BOD meetings, respond to questions, issues. Advises staff on specific financial concerns.
  3. Reviews the annual budget prepared by the staff and makes recommendations to the board for adoption by the congregation.
  4. Explains and takes comments about the annual budget from the congregation at special meetings in December and at the January annual meeting.
  5. Reviews monthly financial statements provided by the director of finance at the monthly committee meetings and forwards pertinent information to the board. The director of finance presents quarterly financial reports to the board. On a monthly basis, obtains bank reconciliations, confirm dates/signatures, review consistency, accuracy, and reasonableness regarding balances, deposits, signatures, payees, checks, and ACH transactions.
  6. Performs a periodic review of financial operations. Reviews Accounting Manual to ensure processes are being followed and determine if adjustments need to be made to the Manual to comply with current procedures.
  7. Provides the congregation with an annual financial report that details the condition of the church’s finances and information about the operational, capital, and designated funds.
  8. Reviews and recommends board action on contracts more than $25,000.
  9. Conducts an annual review of stock and investment account transactions to ensure accuracy of balances reported to the board.
  10. Reviews the annual endowment distribution calculation.
  11. Recommends audit no less than every five years if financially appropriate.  An audit may be recommended sooner if the Finance Committee determines there are issues or concerns.