REVENUE  

·         Revenue sources in each Accounting Fund (i.e., Funds 101-109) are approved by the Vestry (e.g., 10~revenue categories, 102 Designated accounts).  

·         Revenue is forecasted by category (e.g. Pledges) in the Church Operating Budget (101 + 105 Funds) which is approved by the Vestry and accepted by the Congregation at the Annual Parish Meeting. 

·         All revenue received is deposited into Bank/Investment accounts that are approved by the Vestry.  

·         Bank Deposits are governed by Vestry Policy and Procedures (e.g. "Counter's Procedures"). 

·         Every revenue transaction (e.g., an individual's pledge check} is entered into the Church’s financial system (CIS} by the Financial Administrator.  
 

EXPENDITURES 

·         Expenditures of Church resources in each Accounting Fund are approved by the Vestry.  

·         Expenditures are forecasted in the Church Operating Budget by accounting detail in each category (e.g., 101-4120 Clergy Housing Allowance). This Budget is approved by the Vestry and accepted by the Parish.  

·         Every expenditure transaction is governed by Vestry Policy and Procedures {e.g., "Procedures for Processing Disbursements").  

·         Every check prepared by the Financial Administrator is signed by one of four check signers authorized by the Vestry.

·         Every expenditure transaction is entered into ECIS by the Financial Administrator.
 

REVENUE AND EXPENSE – ACCOUNTING REPORTS 

·         All revenue and expense entries into ECIS during a month are summarized in monthly accounting reports from General Ledger detail to summary reports.  

·        The Financial Administrator reviews all entries prior to the month end close and preparation of reports.

·        The Treasurer reviews all the reports for financial trends, issues and general comp1iance with the system of financial controls.

·        All the reports are reviewed by a member of the Finance Committee  for accounting issues and a Fund Summary report is prepared for the Vestry.

·        All the reports are reviewed by a member of the Finance Committee  for audit/control issues.

·        The reports are reviewed by the full Finance Committee one week prior to the monthly Vestry meeting.

·        The reports are distributed to each Vestry member one week prior to the monthly Vestry meeting for management/stewardship of his /her liaison area and general budget information.

·       The monthly report summary is presented and accepted at the monthly Vestry meeting.  

·       Bank account (activity is separately reviewed and reconciled monthly.  

·         Bank Statement vs. Church checkbook records vs. ECIS balances are .reconciled by the Financial Administrator monthly.

·        Bank account balances and reconciliations are approved by the Treasurer monthly.  

·       Pledge statements for every Pledger and identified contributor are prepared and distributed quarterly.  

·        For financial control purposes any questions/discrepancies are directed to the Treasurer.

·        Pledge summaries are reviewed by the Treasurer for trends, issues and general compliance with the system of financial controls.

·        The year-end distribution of statements satisfies IRS charitable contribution reporting requirements.  

·       Year-end accounting reports are prepared and reviewed as per the monthly reports, plus:  

·        A summary report is presented and accepted by the congregation at the Annual Parish Meeting.

·        The Annual Parochial Report containing summarized year-end financial data is submitted to the Diocese.  

·       All accounting records as well as the system of financial controls are audited yearly bya qualified Audit firm. The final audit report is sent to the Diocese with copies distributed to the Rector, each Vestry member and Treasurer.  

(not dated)