Parish Finance Council Charter
The name of this body is the Immaculate Conception Parish Finance Council.
The Parish Finance Council is established in conformity with the Code of Canon Law and the directives of the Archbishop of Denver to advise and assist the pastor of the parish in all matters pertaining to parish finances.
The Parish Finance Council is a consultative body to the pastor of the parish. It is mandated by the code of canon law (canon #537) that each parish is to have a finance council which is regulated by universal law as well as by norms issued by the Ordinary of the Archdiocese. In this council the Christian faithful, selected according to the same norms, aid the pastor in the administration of parish goods with due regard for the prescription of canon #532.
Canon #532 and Canons #1281-1288 address the responsibilities of the pastor in administering the temporal goods of the parish.
According to the Pastoral Handbook for the Archdiocese of Denver, the Parish Finance Council will be composed of the Pastor and 3-9 members of the parish. Members shall be parishioners with knowledge of accounting, finance, budgeting, and/or development. The Finance Council will elect its own chairperson and vice chairperson who shall conduct the council meetings.
TERM OF OFFICE:
Members shall serve for a term of three years. Members will take office on (July 1), and may not serve more than two consecutive terms. Terms will be staggered to ensure continuity.
The Finance Council shall meet monthly. A record of the Council's recommendations and decisions will be kept in the parish files for future reference. Agendas and materials shall be prepared and distributed prior to meetings.
The Parish Finance Council will
- Advise the pastor on all financial matters;
- Assist in the development of the parish budget;
- Regularly review the internal and financial control procedures of the parish;
- Review and approve the annual operating and capital budgets;
- Monitor the budget on a regular basis;
- Regularly review financial reports at least quarterly including balance sheet, income statement, budget to actuals, and cash flow;
- Make recommendations to the pastor on any expenditure in excess of $10,000;
- Insures that the parish remains current with its obligations including payment of assessments, insurance premiums, retirement premiums and payroll taxes.
- Assist the Pastor in accounting for all endowments and restricted gifts at least quarterly;
- Review parish inspection reports quarterly:
- Review and approve a five year asset replacement and maintenance plan;
- Insure that there is active and informed participation of the parishioners in the Archbishop’s Catholic Appeal.
- Provide regular reports to the Parish Pastoral Council;
- Provide an annual report to parishioners with quarterly updates on the financial state of the parish;
- Ensure that all norms of the Archdiocese as given in the Archdiocesan Pastoral Handbook (APH) are followed in the parish financial record keeping;
- Perform the annual Parish Financial Review and submit the report to the Pastor and to the Archdiocesan Finance Office;
- Assist in the preparation and review of the 10 year financial parish development plan;
- Prepare and sign (chairperson) the Annual Financial Report submitted to the Archdiocesan Finance Office.
- Helps monitor and establish just, fair and non-discriminatory salaries and benefits for parish employees.
This charter may be amended by majority vote of the Parish Finance Council and the approval the Pastor. A copy of this charter, as well as of any amendments, is to be kept on file in the parish office.