LTUMC Finance Committee Responsibilities
- Oversea stewardship of financial resources
- Help Council plan ways to provide more resources for missions and ministries
- Receive committee financial needs and prepare annual budget for Council review and approval
- Administer allocation of funds as directed by Council
- Establish and annually review financial policies for internal controls of fund handling and disbursement procedures
- Apply Council directions in providing guidance to Treasurer in disbursing funds and to Financial Secretary (Symington) in collecting and recording fund receipts
- Establish two-person team to count cash receipts…also select person to record and deposit all funds received by church
- Provide for annual audit to verify compliance with church policies and laws affecting safeguarding and handling of funds
- Recommend proper depository locations for funds to Council
- Report all designated fund balances to Council
- Recommend changes to church budget to Council
Treasurer
- Disburses, records, and reports against church budget all funds received and expended for review by finance committee and church council
- Complies with written financial policies and internal controls established by finance committee
- Supports audit activity with appropriate documentation
- Should be bonded
- Provides reports for finance committee and council to include account balances, income/expense statement, balance sheet (including designated fund balances)
Financial Secretary
- Oversees collection, counting, and recording funds received by the Church
- Tracks designated funds separately from general funds
- Deposits funds as specified by finance committee
- Provides copy of fund deposit receipt to Treasurer
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