What is a Financial Advisory Council?..... A Financial Council is to act as a financial review board monitoring the monthly income and expense transactions of Saint Matthew's financial statements.To provide finance and accounting recommendations to the Parish Director and Accountant that will assist in the development and implementation
of acceptable finance and accounting procedures, ensure maintenance of effective financial controls, effective cash management including periodic review of borrowing and investment strategies, and the completion of periodic internal/external financial reporting requirements.
The Following rules and guidelines were taken from a pdf document at www.dioceseoftyler.org the official web-site of our Diocese in Tyler Texas.
A. Each parish is to have a finance council which is regulated by universal law as well as by norms issued by the diocesan bishop; in this council the Christian faithful, selected according to the same norms, aid the pastor in the
administration of parish goods. (C 537).
B. The finance council is a separate entity from the parish pastoral council. Parish finances are no longer addressed through a committee of the parish pastoral council, but it is important to consult the pastoral council to determine
the consistency of the budget with parish mission and goals. The appointed finance council advises regarding funding and is to provide expertise.
C. Membership: The parish finance council is to consist of not less than three parishioners who are Catholic. If possible, they should possess experience or expertise in business, finance or law and be committed to the work of the Church. Members are freely appointed by the pastor for a three-year, renewable term or until there is a change in the pastorate. Excluded from membership are persons who could have a conflict of interest from such affiliation, such as staff members. Also ineligible is any close relative of the pastor or staff member, such as brother, sister, nephew, niece or in-law.
D. Meetings: The finance council shall have a minimum of four meetings per year.
E. Functions of the Finance Council:
1. assist the pastor in the administration of the parish in accordance with canons 1281-1288.
2. assist the pastor in the preparation of a yearly budget of income and expenditures and share the proposed budget with the parish pastoral council.
3. assist the pastor in the preparation of an annual financial report of income and expenditures
to the parishioners.
4. review the parish income and expense report quarterly.
5. assist parish boards and organizations in preparing and submitting budgets.
6. study parish revenues and make recommendations for increasing revenue to meet both parish
and diocesan goals and priorities.
7. familiarize themselves with all diocesan fiscal policies and assist the pastor in meeting these obligations.
8. encourage support of parish and diocesan stewardship programs.