Charter Finance
MOUNT VERNON UNITARIAN CHURCHCharter of the Finance Committee
TYPE AND PURPOSE OF THE COMMITTEE:
The Finance Committee is a Standing Committee, responsible to the Board of Trustees (BOT). The Committee exists to provide oversight in all areas of church finances.
The Committee shall investigate potential sources of funds and advise the BOT on the best sources of funds for accomplishing the objectives of MVUC.
The Committee shall assume the Responsibilities and perform the Duties as specified in this charter.
MEMBERSHIP:
1. Office of the Chair: The Board of Trustees shall appoint the Chair of the Finance Committee for a one-year term.
2. Members of the Committee: The Finance Committee is composed of at least four resident members of MVUC in addition to the Treasurer, the Program Council Coordinator for Administration, and the BOT Chair. The Minister and the Church Administrator are non-voting members.
A voting member of the Finance Committee shall serve on the Canvass Committee, the Susan B. Anthony Committee, and other fundraising groups as appropriate.
DUTIES AND RESPONSIBILITIES:
1. Budgeting: Based on priorities provided by the BOT, estimates from committees, and other sources, the Finance Committee shall each year compile data concerning financial needs for use in the Annual Canvass. The Committee shall prepare a proposed budget for approval by the congregation at the Annual Congregational Meeting, and prior to the beginning of the new fiscal year shall submit a revised proposed budget for adoption by the Board of Trustees
The Committee shall recommend spending limits and ensure compliance with spending plans as requested by the BOT.
The Committee shall monitor spending and revenue during the course of the year and develop and propose mid-year budget adjustments.
The Committee shall prepare projected budgets for future planning purposes.
2. Reports: The Finance Committee shall prepare:
a. An annual narrative report to the congregation for inclusion in the annual report book to be presented to the congregation at the April Annual Meeting.
b. Other reports as requested by the BOT.
3. Reviews: The Finance Committee shall review:
a. Financial reports, monthly financial statements, the annual fiscal year financial report and other reports as directed by the BOT.
b. Records and accounting procedures for the Operating Fund, Property Major Maintenance Fund, Endowment Fund, Memorial Walks Fund, Susan B. Anthony Funds, and other Funds at least every two years.
c. Insurance coverage and recommend adjustments at least every two years.
d. Finance Committee Charter every two years and revise as necessary or at the request of the BOT.
Based on these reviews, the Committee shall recommend changes to budgets, policies, procedures, and other financial matters, as appropriate.
Charter approved by the BOT : SEP 2005
