Finance Committee - Purpose and Responsibilities

 

Purpose: The Finance Committee of Annunciation Greek Orthodox Church works on behalf of the Parish Council to develop the church’s annual financial plan and to provide guidance throughout the year as the Council executes its plan.  

Membership: The Parish Council shall appoint current Stewards of the parish, including the Treasurer(s), who are willing to serve on the Finance Committee for a minimum of 1 year, with a maximum of 3 consecutive 1-year terms. Potential committee members should be willing to commit to the number of hours needed throughout the year to fulfill their duties knowing that their responsibilities will fluctuate depending on time of year and what the Parish Council may need.

Responsibility, Authority and Accountability: The Finance Committee is a committee of AGOC’s Parish Council and is responsible for preparing the annual budget, developing AGOC’s financial strategies and structures and managing the church’s investments. It has no authority to expend church funds or report recommendations to the Parish without Parish Council approval. It shall maintain transparent communication with and remain accountable to the Parish Council.

Representative Finance Committee Tasks:

• Update existing or draft new financial approaches and policies for
  1. Who has signature and transaction authority on each Parish bank or investment account
  2. Developing annual strategies for how to manage all short-term savings and longer-term investments with the goal of maintaining liquidity and maximizing return on investment.
  3. Develop a regular Parish Council financial reporting format
  4. Collaborate with the Stewardship committee, the GFF Executive committee and others to develop income generating ideas as part of the annual budgeting process
• Assist the Parish Council on other financial matters as requested, potentially including:
  1. Reviewing contracts or agreements prior to signing
  2. Developing approaches to soliciting and receiving bequests

Proposed Committee Members: John Dussi (Chair), Arthur Housianitis (Treasurer), Bruce Beck, Zach Lemnios, Rick Brown