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