Finance and Administration Committee
Purpose: the purpose of the finance and administration committee shall be:
A. The preparation and submittal of the church budget to the vestry for approval;
B. The financial and systems oversight of St. James’ accounting and administrative systems;
C. The preparations and administration of the St. James’ endowment plans and investment funds including the prudent and fiduciary management and investment of any assets contained or placed within those funds;
D. The oversight and management of the casualty and personnel insurance programs of the church.
E. The preparation and submittal of a St. James’ personnel policy and/or manual to the vestry for approval. The committee would be responsible for any maintenance required to the policy and for recommending changes to the policy or manual from time to time as needed;
F. The preparations and submittal of job descriptions for all paid positions including but not limited to the rector, church secretary, program or Christian Education Director, and nursery babysitter to the vestry for approval, and for any subsequent change to these job descriptions.
G. The oversight, management, and coordination of the annual Saint James’ stewardship campaign; if the stewardship chairperson(s) is not serving as a full-term voting member of the finance committee, he/she shall be appointed as a non-voting member-at-large of the finance committee. If serving at-large, attendance is not required in accordance with ii h.
H. The oversight, management, and coordination of the opportunity fund. If the chairperson(s) of the opportunity fund is not serving as a full-term voting member of the finance committee, he/she shall be appointed as a non-voting member-at-large of the finance committee. If serving at-large, attendance is not required in accordance with ii h.
I. The preparation for and oversight of an annual review of the church financial records by either a CPA or by an independent, competent group of parishioners;
J. The preparation, validation, and maintenance of a complete set of financial records for the church. This would include a complete balance sheet as well as the customary funds and budget statements. Of prime concern is the listing and valuation of all the church’s assets so that we can have an accurate record for insurance purposes and for balance sheet purposes. These reports need to be prepared on a monthly as well as annual basis. Ideally these reports will be prepared by the treasurer and presented to the finance committee on a monthly and annual basis.
K. Prioritization of major expenditures (capital and major repairs).
L. Miscellaneous projects as assigned and directed by the vestry
The Finance and Administration Committee shall be composed of five full-term (3-year term) members who are registered contributing confirmed adult communicants in Good Standing of the Saint James’ Parish. In addition to the five full-term members, the Senior Warden, the Junior Warden, and the Treasurer shall be appointed annually to one-year terms. The Finance Committee meets monthly as scheduled and more often as required.