Finance
Mission
The mission of the Finance Committee is to monitor the finances of the Fellowship, develop an annual budget, and to advise the Board on significant trends and issues affecting its financial condition.
Objectives
- Maintain a finance management system that accurately accounts for the revenues and expenditures of the Fellowship.
- Ensure that the Congregation is kept fully informed about Summit’s financial health
- Ensure that the accounting practices used are in full compliance with the applicable accounting standards, laws and regulations.
- Serve as adviser to the Board on strategies for coping with anticipated changes in membership and revenue.
- Support the annual pledge campaign.
- Recommend a balanced budget.
Responsibilities
- Develop yearly budgets for Board and Congregational approval.
- Develop long-term pro forma budgets (5 to 10 years) as needed.
- Monitor incomes and expenditures and provide quarterly summaries to the Board and the Congregation, including budget, expenditures and sources of revenue.
- Manage monetary assets, including making investments.
- Provide relevant financial data to the Stewardship and Capital Campaigns and other fundraising activities.
- Confirm that the Treasurer provides periodic and confidential status reports to the Minister and Board President regarding pledge commitments.
- Confirm that the Treasurer provides financial status information with our quarterly pledge statements.
- Provide short articles for the eNews and monthly newsletter.
- Send committees periodic financial statements.
- Formulate measurable goals at the beginning of the year to be attained by the committee during the year
- Submit a report annually addressing (a) the state of the committee itself, e.g. membership, clarity of its mission, objectives, responsibilities, and annual goals (b) the committee’s success in attaining its goals; and (c) documenting the challenges face by the committee in fulfilling its mission.