Finance Policy

All persons with access to financial matters will be given and be expected to follow the policy. The goal of the policy is a system of check and balance. It is understood that financial tasks are typically done by the Church Administrator, the Finance Chair, the Treasurer, and the Board President. The Board Secretary could be asked to fill in a financial role if necessary. Written documentation should be utilized where possible and practical.

All persons with access to, or knowledge of financial information will take care to safeguard the integrity of the financial aspects of the congregation, including confidentiality.

Overall

Pick up mail at least once per week. Include income received in the first available deposit. Pay invoices as soon as possible.

Deposits

All income, cash or check is to be deposited as soon as possible. Deposit information to be recorded in financial software system as soon as possible following deposit.
Usher envelope: Keep in designated place in locked office. After verification of information for deposit, include Sunday Usher envelope with Deposit Count Sheet
Follow procedure list for Deposits with separate deposit for gifts and other income.

Transfers

Motion consent by Board of Trustees for transfer of $20,000 or more. Email documented agreement by two of the following, Finance chair, Treasurer, Board President, Board Secretary for transfer of less than $20,000.

Payments

Make copies of checks and deposit slips, attach deposit receipts to Count Sheet
A designated Board member, the Treasurer and the Finance Chair shall be authorized to sign checks.
Check preparer and check signer should not be the same.
The payee and check signer shall not be the same.
As stated in the bylaws, expenditures above a designated amount must be approved by the congregation.
All disbursements shall be by prenumbered checks, auto drafted by bank or with the authorized use of bank debit card and shall be accounted for monthly.
Do not use signature stamps to sign checks.
Do not sign blank checks in advance.
Checks will have written verification (check request/invoice) unless it is a bank draft or consistent monthly expense which has annual documentation.
Invoices shall be marked with paid date & check number & retained for minimum 1 year.
All payments (checks and direct payments) shall be recorded on Transactions List.
Record checks in accounting system as soon as possible after written or at minimum, two times per month when payroll information is available.

Reimbursement

Reimbursements will be made for out-of-pocket expenditures per reimbursement procedure.
Reference Expense & Reimbursement Procedure for details.

Reporting

The following reports will be produced and evaluated each month by Finance committee and communicated to Board of Trustees: Balance Sheet, Statement of Activities, Transaction List
Active accounts (checking and savings) will be reconciled each month and approved by a person other than the person who completed the data entry into the finance software. Follow month end Finance Procedure.
There is a procedure for handling of income and expense.

Management Review

A management review of the congregation’s finances will be done at the end of each congregational year by two unrelated individuals appointed by the board.
This will be completed by the end of the calendar year for the previous fiscal year.
A signed management review report form will be filled out and kept on file.

The cash management review will include:

Verifying that the accounts payable policies and procedures are being followed,
Reviewing the system for recording and reporting income and expenses,
Comparing bank statements to income/expense reports to spot check for irregularities. A minimum of three (3) months will be reviewed.

Adopted March 2024