Finance Committee Functions:

The Finance Committee is established by the Vestry in accordance with the Canons and these By-laws, and must comprise not less than three persons in addition to the Rector and Treasurer.  Committee memebes are approved by the Vestry.  The Chair of the Finance Committee cannot be an employee of the Church.  The Finance Committee oversees the administration of all Parish finances, monitors the day-to-day financial policies of the Parish and ensures the accuracy of the monthly finance report.  The Committee prepares and reviews the Parish operating and capital budgets, recommends budget adjustments and amendments to the Vestry, as needed, provides the October Vestry meeting with draft operating and capital budgets for the following year and presents the proposed annual budget for the following year to the Congregation at the Annual Meeting.  All Finance Committee recommendations to the Vestry are presented by the Chair, or the Chair's designee when the Chair is absent from a Vestry Meeting.

Responsibilities of the Finance Committee include the following:

1. Makes recommendations to the Vestry for Vestry decision concerning check signing authority for operating funds, capital funds and restricted funds.
2. Ensures that all financial records are maintained and stored in the Parish office.
3. Makes recommendations for a line of credit which may be maintained and renewed annually.
4. Reviews requests that exceed the budget limit and refers such requests, with a recommendation, to the Vestry for decision.
5. Reviews and approves all requests made to members of the congregation for any funds or gifts other than pledges or memorials.
6. Reviews all conditional or restricted gifts to the Parish and makes a recommendation to the Vestry for decision on the acceptance of such gifts.
7. Ensures that restricted funds are kept in a separate account and are not spent, except in accordance with the restriction.
8. Ensures that any employee whose performance or compensation is subject to discussion and review by the committee is excused when such employee's performance or compensation is the subject of discussion and deliberation by the committee.