Annual Capital and Operating Budget
- Assist in establishing timelines for development and implementation of the annual capital and operating budget for parish operations, including all parish organizations / fund raising groups with bank accounts.
- Determine if the annual parish budget is prepared in accordance with the accounting chart of accounts and reporting formats required by the Eparchy;
- Review the annual parish, significant fund raising programs and consolidated capital and operating budgets; make recommendations to the Pastor for changes as appropriate; indicate their approval of the budget.
- Review investment accounts to ensure prudent investments in conformity with
- Church teachings and approved policies.
Financial Records and Reporting
- Review financial statements, including annual reports, to help determine that eparchial policies regarding fiscal and accounting procedures are being followed.
- Receive and review income and expense reports for the parish and at least quarterly, comparing current year results with the current year budget and prior year results. All significant variances should be explained. Particular attention should be given to expenditures not included in the capital or operating budget.
- Review, at least annually, the financial statements; and, verify the cash balances of all parish organizations with cash accounts.
- Review the annual financial report to the Eparchy prior to submission to help determine accuracy and completeness; if the members deem appropriate, sign the annual financial report.
- Assist in preparing/presenting/communicating an annual financial report to all parishioners concerning the parish’s financial status. Specific information should be included on parish operations, and other parish organizations/fund raising groups/projects as needed, in addition to consolidated results.
- Monitor payments of all taxes, loans and eparchial assessments to determine that all payments are accurate and paid on a timely basis.
The chair and members are appointed by the Pastor.