Finance Committee

The Finance Committee typically carries out the following tasks:

Advising and assisting

Providing informed counsel to the parish priest on financial matters, proposals, policies and decisions.

Budgeting

Helping to design and propose an annual operating budget (income and expenses) and capital budgets for parish works.

Financial reporting and oversight

Reviewing financial statements, monitoring income versus budget, comparing actuals with forecasts and ensuring transparency.

Asset and property management

Advising on maintenance, repairs, capital works, property acquisitions or disposals, and overseeing capital projects (in consultation with the parish priest and diocesan regulations).

Safeguards and internal controls

Ensuring proper financial controls (eg separation of duties, audit, oversight of cash handling) to protect parish assets.

Fundraising and stewardship

Making recommendations regarding fundraising initiatives, stewardship campaigns and encouraging responsible giving.

Compliance

Ensuring that parish finances operate within civil law (eg tax, charitable status) and diocesan/canonical norms.

Communication with parishioners

Presenting, in appropriate and transparent form, the financial condition of the parish (eg annual financial report) to the faithful.

Structure

The Finance Committee typically meets quarterly and is composed of lay faithful who have a range of skills to carry out the functions above. The Finance Committee is advisory. Final decisions rest with the parish priest (in accordance with diocesan rules). In special cases (eg large loans, major capital works), diocesan approval or oversight may also be required.