FINANCE

“Each parish must have an active parish finance council (canon 537). This parish finance council will consist of at least four parishioners, one of whom is the chairperson selected by the pastor/administrator. Ex-official members are the two parish trustees (cf canon 1280).” –Paterson Diocesan Policy promulgated July 1, 2006

In compliance with the above policy, the Church of Christ the King established the following Parish Finance Council Charter.

DEFINITION AND PURPOSE
The purpose of the Parish Finance Council is to assist the pastor in the administration of parish financial affairs. It helps the parish find and manage the resources it needs to conduct parish projects, programs and policies. This includes cash, investments and real estate.

MEMBERSHIP
Members of the Council are the pastor and between 5 and 9 lay persons (at least 1 being a Parish Trustee). The lay persons are appointed by the pastor and the trustees. They should have various areas of financial/administrative/legal expertise. One of the lay members is appointed, by the pastor, as Chairperson of the Council. The Chairperson presides at the meetings of the Council and sets the agenda in collaboration with the pastor. The members of the Council are appointed for terms of two years, with two possible renewals of the term. The terms of the individual members shall be staggered so as to assure continuity.

FUNCTIONS

1. Review of the annual parish Operating and Capital budgets;
2. Review and publication of the annual financial report to the parish;
3. Review of the performance of parish investment portfolio;
4. Prior review of all unbudgeted parish expenditures over $10,000;
5. Review of financial aspects of major strategic decisions;
6. Review and evaluation of internal financial controls.

MEETINGS
A minimum of four (4) meetings will be held annually.

• January-February – mid-year review
• April-May – budget guidelines
• June – approval of budget
• September – year-end review and publication of financial report to the parish.

Additional meetings will be held as needed. A Secretary, appointed by the Council from among its members, shall be responsible for the Minutes.